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Saturday, Apr 20, 2024

Jeff Bezos, Elon Musk, and Mark Zuckerberg have each seen their net worths drop at least $64 billion this year

Jeff Bezos, Elon Musk, and Mark Zuckerberg have each seen their net worths drop at least $64 billion this year

The billionaires' net worths have seen sharp declines, as tech stocks have taken a hit this year after pandemic booms.

Some of the world's richest men and biggest names in the tech world have seen their net worths take a dive this year.

Amazon executive chairman Jeff Bezos, Tesla CEO Elon Musk, and Meta CEO Mark Zuckerberg have seen their net worths decline by a combined $200 billion this year, according to the Bloomberg Billionaires Index, amid a larger economic downturn and fears of a potential
recession.

Here's how much each billionaire has lost on paper in 2022 so far, per Bloomberg.

*  Musk: $73.2 billion

*  Bezos: $65.3 billion

*  Zuckerberg: $64.4 billion

Musk has been hit hardest of the three. His net worth, which is largely tied up in Tesla stock, peaked in November at over $340 billion and slipped to $201 billion last month, according to Bloomberg. It now stands at $197.1 billion.

Bezos and Zuckerberg are currently worth $127 billion and $61.1 billion, respectively, according to the index.

After achieving new highs during the pandemic, tech stocks have seen sharp declines this year amid market shifts and inflation concerns.

On May 10, Amazon stock tumbled over 40 percent from its 52-week high of $3,773.08 that it hit on July 13, 2021. That followed an 11% drop on April 29 this year after the e-commerce giant posted disappointing Q1 earnings that revealed its first loss in seven years, prompting concerns that pandemic boom had faded.

Last month, Insider reported that Meta, the Facebook parent company, enacted a broad hiring freeze after rapid expansion throughout the pandemic, as its shares had declined by over 40% since November.

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