US$1.4 trillion: that’s how much the 500 wealthiest people in the world cumulatively lost in 2022 alone, Bloomberg has reported.
Here’s a rundown of the top 10 billionaires who have lost the most so far this year according to Business Insider .
In July he announced on Twitter: “I plan to give virtually all of my wealth to the foundation. I will move down and eventually off of the list of the world’s richest people.”
Google’s parent company Alphabet missed estimates for September quarter profit due to its digital advertising business failing to meet targets
7. Google’s Sergey Brin: US$38.1 billion
In September alone, the French billionaire lost US$4.06 billion due to the effects of new inflation data and hiked interest rates, according to Entrepreneur.
6. LVMH’s Bernard Arnault: US$38.2 billion
His losses amounted to US$39.2 billion, likely also due to Alphabet’s missed targets and declining YouTube ad revenue in its September report.
5. Google’s Larry Page: US$39.2 billion
This year, he shed US$65.7 billion and even lost as much as US$23 billion overnight on October 27 after his online retail company predicted slower sales for the holidays.
4. Amazon’s Jeff Bezos: US$65.7 billion
He purchased Twitter for a hefty US$44 billion. According to Forbes, he also faced financial losses earlier this year when shares of Tesla fell by 8 per cent
3. Tesla’s Elon Musk: US$66.4 billion
He has accumulated losses in the cryptocurrency crash that caused digital currencies to lose US$2 trillion in value, according to PBS.
2. Binance’s Changpeng Zhao: US$72.6 billion
The steep fall from grace has been caused by Meta’s declining shares: according to Forbes. The dip has primarily been caused by losses in advertising revenue