New York: Elon muskThe fortune of fell about $ 62 billion. Jeff Bezos His wealth saw a decline of about $ 63 billion. scar zuckerbergThe total assets have declined by more than half.
All told, the world’s 500 richest people lost $1.4 trillion in the first half of 2022, a steep decline that is the biggest six-month decline ever for the global billionaire class.
It’s a sharp departure from the past two years, when governments and central banks launched unprecedented stimulus measures in the wake of the COVID-19 pandemic, judging the value of everything from tech companies to cryptocurrencies.
With policymakers now raising interest rates to combat increased inflation, some of the highest-flying stocks — and the billionaires who own them — are rapidly losing highs. Tesla Inc. US had its worst quarter ever in the three months through June, while Amazon.com Inc. fell the most since the dot-com bubble burst.
Although the deficit for the world’s richest people is widening, it represents only a modest step toward reducing wealth inequality. According to the Bloomberg Billionaires Index, Musk, Tesla’s co-founder, still has the biggest fortune on the planet, $208.5 billion, while Amazon’s Bezos is in second place with a net worth of $129.6 billion.
According to the Bloomberg index, Bernard Arnault, the richest man in France, is at the third position with a net worth of $128.7 billion, followed by Bill Gates with a net worth of $114.8 billion. They’re the only four that are worth more than $100 billion — at the start of the year, 10 people worldwide exceeded that amount, including Zuckerberg, who is now 17th on the wealth list with $60 billion. are on.
Crypto pioneer Changpeng Zhao, who debuted on the Bloomberg Billionaires Index in January with an estimated net worth of $96 billion, has seen his wealth drop by nearly $80 billion this year amid the turmoil in the digital asset.
opposite impulse
Still, the billionaire class has amassed so much wealth in recent years that not only could the vast majority face the worst first half since 1970 for the S&P 500 index, but they may also be looking for a bargain. Thorn Perkin, President of PapaMarco Wellner Asset Management.
“Often their mindset is a little bit more of the opposite,” Perkin said. “Many of our customers look for opportunities when there’s trouble on the roads.”
This held true in the first half of the year in some of the most troubled corners of global financial markets.
Vladimir Potanin, Russia’s richest man with a net worth of $35.2 billion, acquired the full status of Societe Generale SA at Rosbank PJSC earlier this year. Vladimir Putininvasion of Ukraine. He bought accepted Russian mogul Oleg Tinkov’s stake in a digital bank for a fraction of the one-time value.
Sam Bankman-Fried, chief executive officer of crypto exchange FTX, bought a 7.6% stake in Robinhood Markets Inc in early May after the app-based brokerage’s share price dropped 77% from its hotly anticipated initial public offering last July. Was. The 30-year-old billionaire is also acting as a lender of last resort for some troubled crypto companies.
The most high-profile buyout of all was Musk, which struck a $44 billion deal to buy Twitter Inc. He offered to pay $54.20 per share; The stock of the social media company was trading at $ 37.44 at 10:25 am in New York.
The world’s richest man said in an interview with Bloomberg News editor-in-chief John Micklethwaite last month that there are “some unresolved cases” before the transaction is completed.
“There’s a limit to what I can say publicly,” he said. “It’s a sensitive matter to some extent.”
All told, the world’s 500 richest people lost $1.4 trillion in the first half of 2022, a steep decline that is the biggest six-month decline ever for the global billionaire class.
It’s a sharp departure from the past two years, when governments and central banks launched unprecedented stimulus measures in the wake of the COVID-19 pandemic, judging the value of everything from tech companies to cryptocurrencies.
With policymakers now raising interest rates to combat increased inflation, some of the highest-flying stocks — and the billionaires who own them — are rapidly losing highs. Tesla Inc. US had its worst quarter ever in the three months through June, while Amazon.com Inc. fell the most since the dot-com bubble burst.
Although the deficit for the world’s richest people is widening, it represents only a modest step toward reducing wealth inequality. According to the Bloomberg Billionaires Index, Musk, Tesla’s co-founder, still has the biggest fortune on the planet, $208.5 billion, while Amazon’s Bezos is in second place with a net worth of $129.6 billion.
According to the Bloomberg index, Bernard Arnault, the richest man in France, is at the third position with a net worth of $128.7 billion, followed by Bill Gates with a net worth of $114.8 billion. They’re the only four that are worth more than $100 billion — at the start of the year, 10 people worldwide exceeded that amount, including Zuckerberg, who is now 17th on the wealth list with $60 billion. are on.
Crypto pioneer Changpeng Zhao, who debuted on the Bloomberg Billionaires Index in January with an estimated net worth of $96 billion, has seen his wealth drop by nearly $80 billion this year amid the turmoil in the digital asset.
opposite impulse
Still, the billionaire class has amassed so much wealth in recent years that not only could the vast majority face the worst first half since 1970 for the S&P 500 index, but they may also be looking for a bargain. Thorn Perkin, President of PapaMarco Wellner Asset Management.
“Often their mindset is a little bit more of the opposite,” Perkin said. “Many of our customers look for opportunities when there’s trouble on the roads.”
This held true in the first half of the year in some of the most troubled corners of global financial markets.
Vladimir Potanin, Russia’s richest man with a net worth of $35.2 billion, acquired the full status of Societe Generale SA at Rosbank PJSC earlier this year. Vladimir Putininvasion of Ukraine. He bought accepted Russian mogul Oleg Tinkov’s stake in a digital bank for a fraction of the one-time value.
Sam Bankman-Fried, chief executive officer of crypto exchange FTX, bought a 7.6% stake in Robinhood Markets Inc in early May after the app-based brokerage’s share price dropped 77% from its hotly anticipated initial public offering last July. Was. The 30-year-old billionaire is also acting as a lender of last resort for some troubled crypto companies.
The most high-profile buyout of all was Musk, which struck a $44 billion deal to buy Twitter Inc. He offered to pay $54.20 per share; The stock of the social media company was trading at $ 37.44 at 10:25 am in New York.
The world’s richest man said in an interview with Bloomberg News editor-in-chief John Micklethwaite last month that there are “some unresolved cases” before the transaction is completed.
“There’s a limit to what I can say publicly,” he said. “It’s a sensitive matter to some extent.”