According to Bloomberg, world’s 500 richest people lost $1.4 trillion in first half of 2022
Tesla Chief Executive Elon Musk’s fortune plunged by almost $62 billion in the first half of 2022, Bloomberg reported.
Meanwhile, billionaires Jeff Bezos and Mark Zuckerberg’s net worth also declined; while the former saw his wealth tumble by about $63 billion, Zuckerberg’s net worth slashed by more than half.
According to the publication, the world’s 500 richest people lost $1.4 trillion in the first half of 2022, a dizzying decline that marks the steepest six-month drop ever for the global billionaire class.
“It’s a sharp departure from the previous two years, when the fortunes of the ultra-rich swelled as governments and central banks unleashed unprecedented stimulus measures in the wake of the COVID-19 pandemic, juicing the value of everything from tech companies to cryptocurrencies,” it was learnt.
Some of the highest-flying shares — and the billionaires who own them — are losing altitude fast as policymakers now raising interest rates to combat elevated inflation.
Meanwhile, Tesla Inc had its worst quarter ever in the three months through June, while Amazon.com plummeted by the most since the dot-com bubble burst.
The losses are piling up for the world’s richest people this is only representing a modest move towards narrowing wealth inequality.
According to Bloomberg Billionaires Index, despite the plunge Musk still has the biggest fortune on the planet, at $208.5 billion, while Amazon’s Bezos is second with a $129.6 billion net worth.