Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Exactly How Much Wealth Zuck & Elon Musk Lost in 2022
Posted
January 1, 2023
Views
54,150
Likes
2,323
Comments
543
Engagement
5.29%
January 1, 2023
54,150
2,323
543
5.29%
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7:06Now PlayingForbes has estimated that billionaires have lost about $1.9 trillion in 2022. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch TYT LIVE on weekdays 68 pm ET.
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"It’s been a bad year to be a billionaire–and not just for those who blew up their businesses or got themselves arrested. After adding trillions to their collective fortunes in 2020 and 2021, the world’s richest people were rocked by 12 months of shaky stock markets, war in Europe and rampant inflation.
As a group, the planet’s billionaires have lost $1.9 trillion in 2022, according to Forbes’ estimates, with their collective wealth dropping from $13.8 trillion on New Year’s Day to $11.9 trillion on December 9. The number of billionaires has fallen too, from 2,671 to 2,523, per Forbes’ real-time tracker, as high-profile moguls like Sam Bankman-Fried, Kanye West and Rivian founder RJ Scaringe have dropped from the ranks.
No one has been hit harder than the world’s 300 or so tech billionaires, who have collectively lost more than $1 trillion in 2022. After a raucous couple years when the pandemic boom and overeager investors drove up tech stocks and startup valuations, things have plummeted back to Earth. Companies are slashing costs, laying off workers and pulling IPOs. Shares of Amazon have cratered by nearly 50%, helping knock more than $80 billion off founder Jeff Bezos’ net worth. Google-parent Alphabet’s stock is down 36%, lopping more than $40 billion apiece from the fortunes of cofounders Larry Page and Sergey Brin. Microsoft stock has slid 27% through December 9, denting the riches of cofounder Bill Gates and former CEO Steve Ballmer, though Gates’ bad year is mostly his own doing: This summer, he made a $20 billion gift to the Bill & Melinda Gates Foundation. Mark Zuckerberg, who Forbes categorizes as media & entertainment, is some $78 billion poorer this year, as shares of Facebook-parent Meta Platforms have fallen by 66%."
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