Elon Musk, Jeff Bezos, Bill Gates, Dangote, Other Billionaires Lose Big as Tech Stocks Take a Hit
- Elon Musk could not retake his title as the world's richest man after coming close a few weeks ago
- Elon Musk lost about $7 billion in a tech stock wipeout that affected top billionaires across the world
- Also, Africa's richest man, Aliko Dangote, slid from his position by losing N16.7 billion in 24 hours
Elon Musk has failed to retake his position as the wealthiest man in the world after a series of predictions that the Tesla CEO would clinch the title again in a few weeks.
Musk saw the shares of the electric carmaker, Tesla, surge more than 70% in recent weeks, leading to speculations that he might have his title back in a few hours.
Source: Getty Images
Other billionaires lose big
The second-richest man in the world and Twitter CEO lost a whopping $7.2 billion in a tech stock wipeout that reverberated across the industry on Tuesday, February 21, 2023.
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The margin between Musk and the world's richest man, Bernard Arnaut, grew by about $8 billion following Musk's loss.
In the previous week, the SpaceX CEO was just $2 billion away from retaking his title until the price of Tesla tumbled on Tuesday, February 21.
Musk was not the only billionaire affected.
Arnault also saw about $2.5 billion wiped off his net worth, and Jeff Bezos lost $2.6 billion.
Other top losers are Bill Gates, who lost $1.1 billion, and his friend Warren Buffet lost $1.8 billion.
Tuesday's tech stock wipeout also saw Meta CEO Mark Zuckerberg slide down from the 13th position he occupied a few weeks ago to the 19th.
Dangote not spared
Africa's richest man, Aliko Dangote, saw his net worth shrink by N16 billion.
According to Bloomberg Billionaires Index, Dangote dropped one place in the billionaire ranking from 85th to 86th.
The Nigerian billionaire saw the shares of his cement firm, Dangote Cement lose investors' confidence, leading to a slide in his fortunes.
Dangote challenged by 2 South Africans as Rabiu, Adenuga make Forbes’ list of richest Africans in 2023
Legit.ng reported that Aliko Dangote remained the richest African for the 12th year.
But a recently released list by ForbesAfrica.com shows other new entrants like Johann Rupert and Family and Nicky Oppenheimer and Family, coming next at $10.7 billion and $8.4 billion, respectively.
Dangote’s wealth declined by $400 million to stop at $13.5 billion. Rupert of South Africa sits close to the second position with $10.7 billion, after dropping from $11 billion in 2022, according to Business Insider.
Source: Legit.ng
