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They have managed to sustain staggering losses thanks to the huge gains they have made since the arrival of the pandemic.
2022 was a year of turmoil from an economic perspective. Throughout the year, high inflation and the threat of recession continued to knock on the door. Many tech giants have had to face the music on their chin, losing billions of dollars in the process. In a shocking revelation to the tech world at large, it was reported that the tech billionaire lost his whopping $315 billion in 2022. To add to the awe, most of them managed to survive this heatwave and have made great progress so far. Because their personal property is involved. To get a fair understanding of this interesting study and its larger implications, let’s dig deeper into this.
Despite losing $50 billion in 2022, Jeff Bezos’ net worth is up 32% from 2019. [Image Credit: Amazon]
Tech stock market landslide
This year, we’ve seen a lot of declines when it comes to tech stocks. With more than two months left until 2022, Netflix’s stock has fallen more than 60% so far, which is very alarming to say the least. Often referred to as the world’s premier entertainment streaming platform, Netflix experienced a major boom after capitalizing on the opportunities that presented themselves after the arrival of the pandemic. However, since last year, the phenomenon called “Netflix’s stock price crash” continued immediately after the temporary dream run. It has had a profound impact not only on the stock market and the entertainment industry, but also on the equation of the global tech industry. To make matters worse, Meta’s share price plunged 58%, dashing hopes of a strong start for the Metaverse and a restructuring of the tech industry’s power structure.
According to data provided by a study conducted by Google Finance, Google’s stock price fell by about 30% within a year. Amazon suffered the same fate. But even as so many blue chip tech stocks plummeted, many of the top tech billionaires soared to new heights in terms of net worths and suffered a staggering total loss of $315 billion. I stopped eating.
An extraordinary phenomenon in the world of technology
Amazon founder Jeff Bezos will lose $50 billion in 2022. Yet, according to a report revealed by Forbes, he still owns $151 billion. Thus, his wealth has grown by nearly 32% over the past three years.The case is almost the same as many other cases A tech billionaire who increased his wealth this year while facing huge losses. Microsoft founder Bill Gates suffered a whopping $28 billion loss as he was able to maintain an estimated net worth of $106 billion before the pandemic hit us hard. did not.Meanwhile, another leader among them Google co-founder Sergey Brin’s net worth is $35.5 billion more than in 2019.
In a nutshell, as many as 56 of the 65 tech billionaires on the Forbes 400 list became wealthier compared to the 2019 scenario. So Netflix stocks down, Meta stocks down, or Google stocks down – no tech billionaire juggernauts to confirm. This is indeed awe-inspiring and calls for an entirely different socio-economic interpretation.
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