Silicon Valley’s founders and CEOs have had a difficult year so far, losing billions of dollars in assets.
Billionaires from tech companies make up 6 of the top 10 biggest losers to date this year, with losses of nearly a quarter of a trillion dollars for the group.
Topping this dubious list is Mark Zuckerberg, the founder of Facebook, now called Meta Platforms (META) . Zuckerberg is down a whopping $70.8 billion so far this year, or 56%.
But fear not, he is still the 20th richest billionaire according to the Bloomberg Billionaires Index as of September 18.
Zuckerberg, who is only 38 years old, is still worth $54.7 billion, better than Michael Dell of the PC company of the same name and Changpen Zao, founder of Binance.com, the largest cryptocurrency trading platform in the world in terms of trading volume. .
Zuckerberg isn’t the only tech mogul going through a tough year. Jeff Bezos recently lost his title of world’s second richest man to Indian tycoon Gautam Adani.
Bezos, the founder and executive chairman of tech and online retail giant Amazon (AMZN) fell to the number three spot at 10:38 a.m. EST on September 16.
He had estimated a fortune at $145.8 billion, compared to $146.9 billion for Adani, who ended the day with a fortune of $147 billion.
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The day started with Adani at number 3 and Bezos at number 2.
Meta has faced a number of challenges in 2022, similar to other technology companies. Shareholders have been impatient and the stock is down 56.4% since the beginning of the year, losing $70.8 billion in valuation.
The social media company that operates Facebook, Instagram and WhatsApp is one of the companies that lost tens of billions of dollars in market capitalization during the trading week ending Sept. 16.
Just over a year ago, Facebook joined the prestigious club of companies worth at least $1 trillion with a market cap of $1.078 trillion on September 7, 2021.
In July, Facebook announced its first quarterly revenue decline since its IPO in 2012.
The competition from TikTok, the short video platform company, has been fierce and could steal market share from Facebook, which had 2.93 billion monthly active users as of June 30.
The economic slowdown and a likely recession have also put pressure on business results, supported by advertising.
Zuckerberg and his wife, Priscilla Chan, signed the Giving Pledge in 2015 to donate most of their vast wealth, along with Bill Gates, founder and former CEO of Microsoft (MSFT) and Berkshire Hathaway’s (BRK.A) CEO Warren Buffett. The Giving Pledge was created by Buffett, Melinda French Gates and Bill Gates.