The fortune of technology giants “evaporate” $ 85 billion

Tram Ho

Since the beginning of the year, concerns about the Fed’s interest rate hike have kept the US stock market in the red.

Statistics show that $85 billion in net worth of top tech billionaires has been blown away since the start of the year.

Tài sản của các đại gia công nghệ bốc hơi” 85 tỷ USD - Ảnh 1.

Billionaire Elon Musk. (Image: Getty Images)

According to the Bloomberg Billionaires Index, the fortune of Elon Musk – the world’s richest billionaire has decreased by about $ 27 billion, to $ 243 billion. Compared to November 2021, the CEO of electric car company Tesla has lost 100 billion USD. At the time, Musk’s fortune reached a record $335 billion.

The other four big tech billionaires, Amazon founder Jeff Bezos, Microsoft founder Bill Gates, Google founder Larry Page and CEO Meta Mark Zuckerberg also saw their fortunes drop by billions of dollars.

Since the beginning of 2022, the fortune of Jeff Bezos, the co-founder of Amazon, the world’s second-richest billionaire, has “evaporated” about $ 25 billion.

Bill Gates, co-founder of Microsoft, has seen his fortune “evaporate” $9.5 billion since January 1, 2022, while Google founder Larry Page’s fortune has dropped by $12 billion.

Facebook CEO Mark Zuckerberg of Facebook also saw his fortune drop by about $12 billion this year.

So far this year, concerns about rising inflation and an early Fed rate hike have triggered a sell-off in the US stock market, sending the Nasdaq technology index down about 13%.

According to observers, the Fed will raise interest rates many times in 2022. Goldman Sachs predicts that the Fed may raise interest rates 4 times, in March, June, September and December and begin to cut the scale. balance sheet as of July.

Some economists say the Fed acted too late to contain inflation. That may force the agency to make more drastic actions in the near future and harm the economy.

Observers are also concerned that the Fed may choose the wrong time to tighten policy. That leaves the agency focused on addressing price stability rather than boosting the job market.

Kristina Hooper, Invesco’s head of global market strategy, warned to prepare for the risk of the Fed making a wrong policy.

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Source : Genk