Elon Musk, Jeff Bezos, Other Top Billionaires Lose $1.4 Trillion In Worst Half Ever
Elon Musk's fortune plunged practically $62 billion in the very first half of 2022.
Elon Musk's fortune plunged almost $62 billion. Jeff Bezos saw his wealth tumble by about $63 billion. Mark Zuckerberg's net worth was slashed by over half.
All informed, the world's 500 wealthiest people lost $1.4 trillion in the first half of 2022.
A dizzying decrease that marks the steepest six-month drop ever for the worldwide billionaire class.
It's a sharp departure from the previous 2 years, when the fortunes of the ultra-rich swelled as federal governments…..
Main banks unleashed unprecedented stimulus procedures in the wake of the Covid-19 pandemic, juicing the worth of whatever from tech business to cryptocurrencies.
With policy makers now raising rate of interest to combat elevated inflation, a few of the highest-flying shares-- and the billionaires who own them-- are losing elevation fast.
Tesla Inc. had its worst quarter ever in the 3 months through June, while Amazon.com Inc. plunged by the most since the dot-com bubble burst.
Though the losses are stacking up for the world's richest people, it just represents a modest relocation towards narrowing wealth inequality.
Musk, Tesla's co-founder, still has the greatest fortune on the world, at $208.5 billion, while Amazon's Bezos is 2nd with a $129.6 billion net worth, according to the Bloomberg Billionaires Index.