Among the billionaires who lost $1.4 trillion in the first half of 2022 were Musk, Bezos, and Zuckerberg. Several billionaires lost billions in the first half of 2022, including Elon Musk, Jeff Bezos, Mark Zuckerberg, Bernard Arnault, and Changpeng Zhao.
The 500 richest people on earth were negatively impacted by the dizzying dip, which represents the biggest six-month loss ever for the global billionaire class.
Governments and central banks deployed previously unheard-of stimulus measures in the wake of the Covid-19 outbreak, but the current wealth depreciation marks a significant shift from the preceding two years.
Although the amassed a fortune during the pandemic, billionaires are now losing ground quickly as politicians raise interest rates to fight high inflation.
Tesla Inc. experienced its worst quarter ever in the three months leading up to June as a result of authorities’ recent increases in interest rates to battle high inflation.
With a net worth of $208.5 billion, Elon Musk is the richest person on the planet, according to the Bloomberg Billionaires Index, followed by Jeff Bezos of Amazon and Bernard Arnault of the French investment bank.
According to Bloomberg’s interview with Thorne Perkin, president of Papamarkou Wellner Asset Management, the billionaire class has accumulated enough money in recent years to be able to weather the worst first half of the S&P 500 Index since 1970.
They frequently have a somewhat more contrarian outlook. When there is trouble on the streets, a lot of our clients look for chances, according to Perkin.
After Russia invaded Ukraine, stock markets around the world fell, but in the wake of the crisis, Vladimir Potanin, the richest man in Moscow with a fortune of $35.2 billion, bought out Societe Generale SA’s entire stake in Rosbank PJSC.
Sam Bankman-Fried, the chief executive of cryptocurrency exchange FTX, purchased a 7.6% interest in Robinhood Markets Inc. after the app-based brokerage’s share price fell 77% from its eagerly awaited initial public offering last July.