Elon Musk, Jeff Bezos And Top Billionaires Lose $50 Billion in One Day
- It was a bad week for the world's wealthiest, who saw their net worth take a plunge
- Elon Musk, Jeff Bezos, and eight other richest men saw their net worth nosedive due to a fall in stocks of their respective companies
- The most hit are tech entrepreneurs whose firms could not withstand rumours of an impending recession
The ten wealthiest men in the world saw about $50 billion wiped off their total fortunes due to the stock market plunge on Tuesday, September 13, 2022.
The world's richest person, Elon musk suffered the most, with $8 billion wiped off his wealth as Tesla stock fell 4 per cent and Jeff Bezos' net worth plunged by almost $10 billion due to a 7 per cent fall in the share price of Amazon, a Bloomberg report said.
Source: Getty Images
Tech founders worst hit
Google co-founders Larry Page and Sergey Brin each lost $5 billion due to a search and advertising slump on Google, leading to a 6 per cent drop in the share price of the search engine giant.
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Microsoft lost a 5 per cent share price, which led to $3 billion being wiped off its balance sheet as Bill Gates and Steve Ballmer lost $5 billion each.
Warren Buffet's net worth slumped by $ 3 billion. His stock firm, Berkshire Hathaway, decreased, and Larry Ellison's net worth shrank by $2 billion due to Oracle's shares dipping in value. Meta CEO Mark Zuckerberg's wealth also declined by $6 billion as Meta's share price dropped.
Luxury products merchant and CEO of LVMH, Bernard Arnault's wealth, went down by $4 billion, leading to his total wealth decline for 2022 to $43 billion.
Bezos and Zuckerberg were the biggest losers, with $42 billion and $68 billion losses since January this year.
Bloody year for billionaires
By the close of trade on Tuesday, September 13, 2022, the 10 wealthiest men had about $295 billion shaved off their wealth for the year, showing a widespread decline as fears of inflation grow and rumours of a recession intensify.
However, their total wealth is very close to $1.2 trillion, and they rank among the 20 wealthiest people in the world.
Eight top 10 names on the rich list saw their fortunes shrink on Tuesday. Only Gautam Adani and Mukesh Ambani, two Indian billionaires, registered gains in net worth on the Day. Adani's wealth has surged by about $70 billion since January, while Ambani's wealth has grown by around $4 billion.
Elon Musk’s Starlink hacked as researcher warns of its vulnerability
Legit.ng reported that a security researcher, Lennert Wouters said he spent just $25, about N16,500 to build a device that could hack into Elon Musk’s much touted Starlink satellite internet service.
According to Wouters in a press statement, the availability of its User Terminals exposes them to hardware hackers and opens the door for an attacker to freely explore the network.
There was no immediate response from Starlinks.
Source: Legit.ng
