America’s Tech Billionaires Lost $315 Billion This Past Year | Forbes
November 10, 2022
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2:09Now PlayingAmerica’s Tech Billionaires Lost $315 Billion This Past Year | Forbes
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as posted by the channelA year ago, America’s technology billionaires were soaring, with markets near all-time highs and VCs pumping big money into startups. What a difference a year makes.
Stock prices have dropped and inflation surged, making the members of The Forbes 400 list of the richest people in the U.S. a collective $500 billion poorer than last year. The wealthiest tech tycoons have taken the brunt of the beating: They have lost a combined $315 billion in net worth since the fall of 2021—accounting for nearly two thirds of the total drop in The Forbes 400’s wealth.
In all, there are 65 people who made their fortunes in technology on the 2022 list; 50 are poorer than they were in 2021.
The biggest losses have come from the biggest fortunes: Amazon shares are down 27%, taking $50 billion off Jeff Bezos’ net worth and dropping him from the top spot on The Forbes 400 for the first time since 2018. Microsoft stock, down by 15%, helped lop $13.5 billion off the fortune of former CEO Steve Ballmer. No company illustrates the end of the pandemic boom more than videoconferencing company Zoom, which is down 73% in the last year as workers return to the office—bad news for founder Eric Yuan, who’s down $10.6 billion.
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