The stock market crash reshuffles the cards: Elon Musk and Jeff Bezos lose several billion, Bernard Arnault becomes the second richest person in the world

The stock market crash reshuffles the cards: Elon Musk and Jeff Bezos lose several billion, Bernard Arnault becomes the second richest person in the world

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

Elon Musk. Getty Images

NET WORTH | $244.2 BILLION, DOWN $23.9 BILLION

COUNTRY | UNITED STATES

SOURCE OF WEALTH | YOU’RE HERE

2 | BERNARD ARNAULT & family

Bernard Arnault

NET WORTH | $190.7 BILLION, UP $4.5 BILLION

COUNTRY | FRANCE

SOURCE OF WEALTH | LVMH

3 | JEFF BEZOS

Jeff Bezos
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 >>>