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Home›Mark Zuckerberg›Elon Musk, Jeff Bezos, Mark Zuckerberg saw their fortunes plummet in the first half of 2022

Elon Musk, Jeff Bezos, Mark Zuckerberg saw their fortunes plummet in the first half of 2022

By Shirley J. Speights
July 1, 2022
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The world’s richest 500 billionaires lost $1.4 trillion in the first half of 2022, the biggest six-month drop ever for the ultra-rich, reports Bloomberg.

Why is this important: The losses come as the S&P 500 index suffered its worst first half since 1970, according to Barron’s.

By the numbers: The drop is a stark contrast to the previous two years, when the fortunes of the world’s wealthiest people swelled amid government stimulus measures following the COVID-19 pandemic, according to Bloomberg.

  • Jeff Bezos lost around $63 billion.
  • Mark Zuckerberg‘s net worth has been cut in half to $60 billion.
  • Elon Musk’s fortune has plunged nearly $62 billion.
  • Changpeng Zhao, a crypto pioneer, saw his $96 billion fortune plummet by nearly $80 billion this year due to the crypto turmoil, according to Bloomberg.

Yes, but: Many of these billionaires are still extremely wealthy. Musk still has the largest fortune on the planet at $208.5 billion, while Bezos is second with a net worth of $129.6 billion, according to Bloomberg.

The big picture: It’s a bad year to be really rich, writes Axios’ Felix Salmon.

  • Zuckerberg, Zhao, Musk and Bezos lost $50 billion each in May alone.
  • Not to mention the Russian oligarchs, who saw their fortunes frozen, and crypto investors also saw their wealth plummet.
  • “Those of us working for a living are doing well,” Felix writes. “Those who don’t need it, on the other hand, feel a bit of a pinch.”

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