The founders of Google, Oracle, Amazon and Tesla all lost billions last week, leading to a shake-up among the world’s richest and a change in No. 2. Elon Musk is leading the ranking.
Shares fell sharply last week as a string of disappointing corporate announcements clashed with investor fears of inflation-driven interest rate hikes.
The share price netflix, for example, fell more than 20% as its outlook for subscription growth disappointed analysts. The net worth of the company’s co-founder and CEO, Reed Hastings, fell by $1 billion, to $4.1 billion, in reaction to the news.
A day earlier, shares of Platoon plummeted more than 20%, after CNBC reported that the home exercise equipment company was considering halting production to better meet consumer demand. It’s the latest in a series of disappointments for co-founder and CEO John Foley, who briefly became a billionaire at the height of the pandemic – his net worth has since plummeted to around $480 million, from 1, 5 billion last April.
Shares of Peloton’s rival Beachbody also tumbled around 15% in the past week, further pushing founder and CEO Carl Daikeler further away from the $1.7 billion fortune he possessed last June. when his company went public through SPAC. His net worth now stands at less than $240 million.
Another big loser: Stephane Bancel, CEO of Modernawhose fortunes plummeted 22% to $5.2 billion as the stock fell for six straight days in light of mounting research suggesting the company’s Covid-19 booster is less effective against the Omicron variant.
Tech stocks as a whole have been particularly hard hit by the impending interest rate hikes. Each of the three major stock indexes fell more than 4% this week, but the NASDAQ’s more than 7% drop was the steepest. The co-founders of SnapChatEvan Spiegel and Bobby Murphy, were particularly affected, their fortunes having both fallen by more than 10% in the previous week, or almost a billion dollars each.
In fact, all but one of the top 10 richest billionaires in the world have lost at least $3 billion, including Mark Zuckerberg and the co-founders of Google, Larry Page and Sergey Brin.
net wealth values by Elon Musk (Tesla) and Jeff Bezos (Amazon) both fell by more than $19 billion, resulting in a shake-up of the rankings of the three richest people in the world. Shares of Bernard Arnault’s luxury goods conglomerate LVMH actually rose slightly last week, adding $4.5 billion to its fortune and propelling it ahead of Bezos.
Here’s how the 10 richest people in the world have evolved in recent days
1 | ELON MUSK
NET WORTH | $244.2 BILLION, DOWN $23.9 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | YOU’RE HERE
2 | BERNARD ARNAULT & family
NET WORTH | $190.7 BILLION, UP $4.5 BILLION
COUNTRY | FRANCE
SOURCE OF WEALTH | LVMH
3 | JEFF BEZOS
NET WORTH | $168.5 BILLION, DOWN $19.5 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | AMAZON
4 | BILL GATES
NET WORTH | $131.3 BILLION, DOWN $3.2 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | MICROSOFT
5 | LARRY ELLISON
NET WORTH | $112.6 BILLION, DOWN $7.5 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | ORACLE
6 | LARRY PAGE
NET WORTH | $111.9 BILLION, DOWN $7.5 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | GOOGLE
7 | WARREN BUFFETT
NET WORTH | $110.5 BILLION, DOWN $6.4 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | BERKSHIRE HATHAWAY
8 | SERGEY BRIN
NET WORTH | $107.9 BILLION, DOWN $7.2 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | GOOGLE
9 | MARK ZUCKERBERG
NET WORTH | $107.5 BILLION, DOWN $10 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | META
10 | STEVE BALLMER
NET WORTH | $94.7 BILLION, DOWN $3.8 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | MICROSOFT
OTHER MAJOR LOSERS
STEPHANE BACEL
NET WORTH | $5.2 BILLION, DOWN $1.4 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | MODERN
EVAN SPIEGEL
NET WORTH | $6.5 BILLION, DOWN $970 MILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | SNAPCHAT
BOBBY MURPHY
NET WORTH | $6.8 BILLION, DOWN $1.1 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | SNAPCHAT
REED HASTINGS
NET WORTH | $4.1 BILLION, DOWN $1 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | NETFLIX
JOHN FOLEY
NET WORTH | $479 MILLION, DOWN $65 MILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | PLATOON
CARL DAIKELER
NET WORTH | $237 MILLION, DOWN $41 MILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | BEACHBODY
Article translated from Forbes US – Author: Chase Peterson-Withorn
<<< Also read: Forbes 2021 Billionaires Ranking: the incredible year of all records for Jeff Bezos, Elon Musk, Bernard Arnault >>>
