The technology rich have enriched $480 billion since the beginning of this year due to the decline in the market value of a number of companies in the stock market.
According to a report by the Wall Street Journal based on data from the Bloomberg Billionaires Index, tech tycoons, including Mark Zuckerberg, Bill Gates and La Ellison, lost $480 billion in their fortunes “at book value.”
The report pointed out that the earnings reports of many companies amid fears of recession were disappointing and pushed stock prices down, and dealt a blow to the wealth of the rich.
The figures show that Mark Zuckerberg’s net worth has fallen by more than $11 billion, after Meta shares fell after the company’s revenue slowed for the second consecutive quarter.
So far, Zuckerberg’s fortune has declined by about $87 billion since the beginning of the year, dropping from the list of the 10 richest people.
Elon Musk is still the richest among the rich, with a fortune estimated at more than 212 billion dollars, while the profits of Jeff Bezos, the founder of Amazon, fell by about 58 billion dollars to reach levels of 134 billion dollars.
As for Larry Page and Sergey Brin, founders of Alphabet, owner of Google, they each lost about $40 billion.
The report pointed out that the decline in the wealth of the rich working in technology is not only in the United States, as the wealth of Jack Ma, founder of Alibaba, fell to $ 29 billion, which means his loss of more than $ 9 billion.
The report added that the only woman on the list of the richest technology rich, Mackenzie Scott, lost about $ 30 billion of her net worth, which may have been due to the decline in Amazon stock prices, in addition to her relentless activity in making donations to various organizations.