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Elon Musk, Jeff Bezos, Mark Zuckerberg and more: Tech moguls lost their fortunes in 2022

It was a year of layoffs, downsizing and crisis on Wall Street. There was an exception: the Chinese Zhang Yiming, from TikTok.

The stock market crash of the US technology giants in 2022 cost billions of dollars the richest people in the world.

Long considered the world’s wealthiest person, South African Elon Musk, owner of Tesla and SpaceX, was pushed out of the top spot by French luxury magnate Bernard Arnault.

According to the Bloomberg Billionaires Index, Musk has lost $140 billion since January. Even so, his fortune is 130,000 million dollars.

This spectacular fall was due especially to the collapse of Tesla on Wall Street (-69% as of December 28).

electric vehicle manufacturer, Tesla It was once a favorite of investors but its shares have tumbled since Musk bought Twitter in late October for $44 billion.

Mark Zuckerberg, Jeff Bezos, Satya Nadella, and Elon Musk. Photo EFE

As soon as Musk took over the social network, his decisions generated controversy, such as the dismissal of half of the company’s staff or the reopening of the account of former US President Donald Trump, which had been closed for inciting violence.

Facebook founder Mark Zuckerberg multiplied efforts to promote the metaverse, the virtual world presented by his promoters as the future of the internet.

However, the metaverse did not entice investors, as evidenced by the plummeting price of Meta, the parent company of Facebook and Instagram, which it has lost 66% in stock value since the beginning of the year.

Zuckerberg and Bezos, losers?

Jeff Bezos, founder of Amazon.  Photo Bloomberg

Jeff Bezos, founder of Amazon. Photo Bloomberg

Zuckerberg’s fortune was reduced by 81,000 million dollars, to 44.400 million.

Heavily dependent on advertising revenue, Meta also suffered from global inflation and increased competition.

Since leaving Amazon CEO in July 2021, Jeff Bezos has devoted much of his time to space exploration with his company Blue Origin.

His wealth, however, remains tightly tied to the value of Amazon shares, the colossus of online commerce, which have fallen more than 49% in 2022.

Chief executive of Amazon’s board of directors, Bezos lost more than $86 billion this year. His fortune estimated at $106 billion.

Also owner of The Washington Post, the 58-year-old told CNN in November that he planned to donate most of his estate to charity.

The case of Alphabet (Google)

Sergey Brin and Larry Page, founders of Google.  AFP photo

Sergey Brin and Larry Page, founders of Google. AFP photo

The two founders of Google, Larry Page and Sergey Brin, are no longer at the helm of the company since they resigned from their executive positions at the parent company in 2019. alphabetwhich also includes YouTube and the email service gmail.

They do, however, sit on Alphabet’s board of directors, of which they are the largest individual shareholders.

The 39% drop since January in Alphabet’s shares, which has slumped its ad revenue and is pitting itself against rivals such as TikTok, has weighed on the fortunes of both.

Page’s fell by $46.1 billion and Brin’s by 44.800 million.

But they are still among the world’s richest people: Page is in 10th place, with $82.3 billion, and Brin is 11th, with $78.8 billion.

TikTok (ByteDance), the exception

Zhang Yiming, CEO and founder of ByteDance.  Photo File

Zhang Yiming, CEO and founder of ByteDance. Photo File

Chinese billionaire Zhang Yiming is an exception in the tech debacle.

The fortune of the owner of ByteDance, the parent company of TikTokgrew by 10,400 million dollars in 2022, up to 55,000 million, which makes it the 23rd richest person in the world.

But TikTok is in the crosshairs of US authorities, concerned about possible links between the popular video-sharing app and the Chinese government.

President Joe Biden’s administration has banned installing TikTok on federal employees’ phones and could force ByteDance to sell the US version of the app.

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