August 14, 2022

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“Wall Street” panic strikes luck … technology makers are the biggest losers

The sharp fall in the stock market over the past week has affected the assets of many billionaires around the world.

The founders of Google, Oracle, Amazon and Tesla have lost billions this week, leading to changes in the list of the richest people in the world.

Shares fell sharply this week as investors feared a rate hike due to inflation and a series of disappointing announcements from companies.

For example, Netflix’s share price fell more than 20% on Friday as expectations of subscription growth disappointed analysts, and founder and CEO Reed Hastings’ net worth fell nearly $ 1 billion to $ 4.1 billion.

A day earlier, Pelodon’s stock had fallen more than 20% after CNBC Home Exercise Equipment announced plans to suspend production to meet consumer demand.

According to Forbes, co-founder and CEO John Foley became a brief billionaire at the height of the Govt-19 epidemic. However, his net worth fell to almost $ 480 million from $ 1.5 billion in April.

Peloton rival Beachbody has fallen nearly 15% this week, earning the $ 1.7 billion fortune of founder and CEO Karl Daeckler when his company went public last June with a special purpose purchase, and his net worth is now less than $ 240 million.

And the name of Moderna CEO Stephen Boncel appeared to be one of the biggest losers this week, with his net worth down 22% to $ 5.2 billion, as Moderna’s shares plunged for 6 consecutive days, in the wake of increasing research, booster dose increased. Govit-Vaccine – 19 is less effective against the company’s Omigron mutants.

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Technology stocks in general have been hit hard by the rate hike, and each of the three major stock indices has fallen more than 4% this week, but the Nasdaq’s 7% fall has been severe.

Snapchat co-founders Evan Spiegel and Bobby Murphy have been particularly hard hit, as their fortunes have dropped 10% or nearly $ 1 billion this week.

In fact, all but one of the top 10 technology billionaires have lost at least $ 3 billion in assets, including Meta’s Mark Zuckerberg and Google founders Larry Page and Sergey Brin.

The fortunes of Elon Musk and Jeff Bezos have plummeted to more than $ 19 billion, leading to changes in the top three richest people in the world. Bernard Arnold’s LVMH luxury goods team rose slightly this week, adding $ 4.5 billion to its fortune and pushing it to the ever-volatile second place ahead of the Bezos.

The net wealth market deadline has changed from Friday 14th January to Friday 21st January.

1st place: Elon Musk

Net worth: $ 244.2 billion, down $ 23.9 billion

2nd place: Bernard Arnold

Net worth: $ 190.7 billion, $ 4.5 billion more

Third place: Jeff Bezos

Net worth: $ 168.5 billion, down from $ 19.5 billion

Fourth place: Bill Gates

Net worth: $ 131.3 billion, down from $ 3.2 billion

5th place: Larry Ellison

Net worth: $ 112.6 billion, down $ 7.5 billion

6th place: Larry Page

Net worth: $ 111.9 billion, down $ 7.5 billion

7th place: Warren Buffett

Net worth: $ 110.5 billion, down $ 6.4 billion

8th place: Sergey Brin

Net worth: $ 107.9 billion, down $ 7.2 billion

9th place: Mark Zuckerberg

Net worth: $ 107.5 billion, $ 10 billion less

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10th place: Steve Palmer

Net worth: $ 94.7 billion, down $ 3.8 billion

Billionaires outside the top ten richest people in the world are also on the list of losers, and they:

Stephen Buncel

Net worth: $ 5.2 billion, down $ 1.4 billion

Evan Spiegel

Net worth: $ 6.5 billion, $ 970 million less

Bobby Murphy

Net worth: $ 6.8 billion, down $ 1.1 billion

Red Hostings

Net worth: $ 4.1 billion, $ 1 billion less

John Foley

Net worth: $ 479 million, $ 65 million low

Carl Tacler

Net worth: $ 237 million, $ 41 million less