Mark Zuckerberg and Elon Musk have joined the list of billionaires who have lost a significant portion of their fortune in 2022, a group that also includes Jeff Bezos.
In the case of Jeff Bezos, the loss of his money was linked to the fact that Amazon shares decreased by 6.8% as a result of changes in shareholder decisions. And, as is generally known, Bezos’ income stems primarily from his activity on the internet, for which he has lost 66 billion dollars in recent months. This reduction in the value of Amazon also hurt his ex-wife Mackenzie Scott, who has lost several billion as a result of the platform’s valuation, which has fallen nearly 45% since July 8, 2021, when it reached its peak.
However, Bezos is not the only American businessman who has lost millions of dollars in the recent year, as Zuckerberg and Musk have also suffered financial losses.
In the instance of Mark Zuckerberg, his considerable wealth loss is tied to the metaverse. In reality, this virtual wager, which also provides work possibilities, has cost about 87.19 million dollars. It is that, since last year, Meta has been investing billions of dollars to create the metaverse, which is a big expense in employment, investments, and more, which is quickly depleting the income of Instagram, Facebook, and WhatsApp.
Many experts, including David Katz, director of investments at Matrix Asset Advisors, agree that the structure of Meta, in which Mark Zuckerberg has a lot of control over decisions, is jeopardizing the company’s survival because the businessman is too preoccupied with the Metaverse project to recognize the impending crash.
Elon Musk, for his part, has also made some abrupt and dumb moves. Since 2021, the new owner of Twitter has lost approximately 141,000 million dollars, primarily as a result of the fall in Tesla shares as a result of external factors such as global uncertainty, the recession, the war in Ukraine, and the general rise in prices, which has caused Tesla shares to fall to 222 dollars. Musk’s fortune peaked in November 2021, according to Forbes, when it was projected to be $320 billion. His fortune is now worth 209,000 million dollars. Despite the losses, Tesla CEO Elon Musk remains the world’s richest person.
Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day.
Everyone exited was offered 3 months of severance, which is 50% more than legally required.
— Elon Musk (@elonmusk) November 4, 2022
Furthermore, in Elon Musk’s instance, the loss of his assets is attributable to the purchase of Twitter. So, in addition to the reduction in Tesla shares which, by the way, plummeted as a result of the tycoon’s statement about buying the social network, we should consider the purchase of Twitter, which was completed at the end of October for a price of $44,000 million USD.
So the combined losses of Bezos, Zuckerberg, and Musk equal more than 313.07 million dollars in just one year, representing nearly half of their riches. Another way to look at it is that his overall fortunes, which were estimated at $648 billion in November 2021, are now worth $341 billion, a 47.1% decrease. However, not everyone suffered the same fate. Musk and Bezos have reduced the value of their stock market equity by 41%, while Zuckerberg suffers annual losses of 71%.
One option for recovering the costs of these crashes that Bezos, Zuckerberg, and Musk have is to invest in stocks of firms with more liquidity, such as Inditex, BBVA, Caixabank, and others.
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