Biden’s economy is a nightmare for all Americans, including the tech billionaires.
The markets have taken a beating in 2022. This is currently one of the worst years for the stock market in US history. The markets are currently down more than 4,000 points this year. Only 2008 has seen a worse drop than in 2022 and the year isn’t over yet.
The Daily Mail reports:
Amazon’s value has dropped below $1trillion for the first time since April 2020 amid a sharp decline in the value of the world’s biggest tech firms.
The e-commerce giant becomes the third tech behemoth to drop out of the trillion-dollar club, with its market cap down more than 44% since last November’s peak. On Tuesdday, shares plunged 5.9% to $96.79 billion.
In total, the six largest tech companies have lost a staggering $4.35 trillion in value compared with their respective peaks.
Apple, Microsoft and Alphabet still boast values greater than $1T – but these companies have not been immune to huge declines in their stock prices.
Tesla dipped below $1T last November, just weeks after it reached the milestone.
Not only have the tech giants been devastated over this past year but the the tech billionaires have been destroyed as well.
The world’s wealthiest 20 tech billionaires have lost a staggering half a trillion dollars in 2022 alone due to the stock market’s sharp tumble, rocketing interest rates and record inflation .
The richest tech moguls include Mark Zuckerberg, Bill Gates and Larry Ellison and have seen more than $480 billion of their wealth wiped away according to the Bloomberg Billionaires Index which ranks the richest people in the world on a daily basis.
These billionaires have lost quite a bit along with others.
Amazon founder Jeff Bezos suffered the most damaging loss, losing $50 billion or about 25% of his net worth. He also lost the title of the wealthiest person in America, now sitting at #2 behind Elon Musk.
Another Internet mainstay, Google, has also been struggling. At the end of 2019, Larry Page and Sergey Brin, the two co-founders of the company, stopped operating both Google and its parent company Alphabet. Despite a brief uptick, shares have plummeted, and Page and Brin have lost $40 billion and $38 billion, respectively.
Two other billionaires lost quite a bit of money over the past year, though that was more of their own volition. While Microsoft’s stock dropping hurt Bill Gates, he also donated $20 billion to the Bill and Melinda Gates Foundation. In total, his net worth has declined by $28 billion. Meanwhile, Bezos’s ex-wife MacKenzie Scott‘s net worth declined by $20.8 billion in part due to her Amazon shares dropping, but also because she’s donated to charities all across the country.
Inflation is at 40-year highs. The market is down at a record pace. The housing market is now declining as interest rates are at 20-year highs.
Even billionaires are losing under Biden.
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