434 billion – this is how much the “Magnificent Seven” lost

After strong gains in the previous two years, the net worth of tech moguls has fallen this year. Tycoons like Zuckerberg, Musk and Bezos are billions poorer. But there are also winners.

The billionaires had a dark year. Collectively, the world’s super-rich are nearly $2 trillion poorer than they were at the start of the year. No one has been hit harder than the world’s roughly 300 tech billionaires, whose wealth is estimated to have shrunk by more than $1 trillion in 2022.

Tech luminaries like Steve Ballmer, Jeff Bezos, Sergey Brin, Bill Gates, Elon Musk, Larry Page or Mark Zuckerberg always not. Despite the devastating losses, they are anything but destitute and remain among the wealthiest people on the planet.

Anything but “mega” metaverse

Facebook founder Zuckerberg, for example, who was once one of the ten richest people in the world, lost nearly $81 billion in net worth this year. However, he is still worth around $45 billion, surpassing Iceland’s gross domestic product, as reported by the American newspaper “Washington Post”.

However, the CEO of Meta Platforms has seen the biggest percentage drop in wealth among tech moguls. His net worth decreased by 64%. Apparently his plans for the Metaverse haven’t convinced shareholders, with many investors seeming to classify “virtual” ambitions as an unprecedented capital destruction machine.

Disenchanted Tesla boss

Among the “Magnificent Seven”, Musk, the CEO of Tesla, SpaceX and Twitter, experienced the largest drop in wealth in absolute terms. Its value fell by $132 billion, a drop of about 49%. It has about as much money left as it lost – $139 billion. He was also ousted from the throne of the wealthiest person. The crown now has Bernard Arnold created with his luxury empire LVMH. His fortune is estimated at around $181 billion.

Amazon founder Bezos recorded the second largest drop in his net worth, down $84.1 billion. In terms of percentage, however, he did better than Musk or Zuckerberg. His wealth fell just 44% to $108 billion.

Former Microsoft captains hold up better

Google founders Brin and Page lost $43.4 billion and $44.6 billion in wealth, respectively. For both, the coffin has shrunk by about 35%; Brin is now worth $80.2 billion and Page around $83.8 billion.

The two former Microsoft executives, Gates and Ballmer, have held up relatively well. While Microsoft founder Gates ended 2022 around $28.7 billion, around 21% lower at $109 billion, the former CEO lost $20.2 billion or around 19% to $85.5 billion.

Music plays on TikTok

Even though tech moguls were generally on the losing side, 2022 also produced isolated winners. This is how the Chinese internet entrepreneur rose Zhang Yumingfounder of TikTok parent company ByteDance, has grown his fortune from over $10 billion to nearly $55 billion.

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