…Tech billionaires also lose billions
Bad week for tech billionaires as Elon Musk, Bezos, Zuckerberg lose $25.1B, $20b, $10.4b respectively in one week.
The billionaires lost billions following dip in their stocks.
Their stocks had plummeted following the news that the US Federal Reserve was planning to increase interest rates.
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In order to tame rising inflation rate, the US Central Bank plans to hike interest rates.
Meanwhile, the US Federal Reserve will make the announcement soon.
The anticipation of the interest hike announcement has caused the shares of big tech billionaires to plummet.
Why billionaires are hardest hit:
Despite being the richest man in the world, Elon Musk saw his fortune plummet.
Tesla made a very poor outing at the stock market, wiping off a whopping $25 billion from Musk’s personal worth.
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This loss was just in seven days.
According to Bloomberg, the world’s top five tech billionaires collectively lost US$67 in seven days.
The remaining four tech billionaires and their loses are below:
Jeff Bezos, Amazon founder, lost $20 billion in the past week.
His loss was just slightly less than Musk’s $25 billion.
Similarly, Facebook founder, Mark Zuckerberg lost $10.4 billion.
Likewise, Google’s Larry Page lost $7.6 billion of his personal worth.
Also, Microsoft boss, Bill Gates, shaded $4.3 billion in one week.
Meanwhile, cryptocurrency market also witnessed loses running into trillions.
The dip in the stocks of the billionaires sparked a panicked cryptocurrency mass sell-off.
This resulted in the crypto ecosystem losing a whopping US$1.4 trillion off the market in just two months.
This was following its $3 trillion combined market cap last November.
Specifically, Changpeng Zhao who is the boss of Binance, a cryptocurrency token, lost US$17.7 billion over the past few days.
