Silicon Valley founders and CEOs have had a rough year so far, losing billions of dollars in net worth.
Tech billionaires make up six of the top 10 biggest losers so far this year, with group losses approaching a quarter of a trillion dollars.
Leading this dubious list is Mark Zuckerberg, the founder of Facebook, now called Meta Platforms (META) . Zuckerberg is down a whopping $70.8 billion, or 56%, so far this year.
But fear not, he’s still the 20th richest billionaire as of September 18, according to Bloomberg Billionaires Index.
Zuckerberg, who is only 38 years old, is still worth $54.7 billion, ahead of Michael Dell of the eponymous computer company and Changpeng Zao, founder of Binance.com, the world’s largest cryptocurrency trading platform in terms of trading volume.
Zuckerberg isn’t the only tech mogul having a rough year. Jeff Bezos recently lost his title as the second richest person in the world to Indian tycoon Gautam Adani.
Bezos, founder and executive chairman of technology and online commerce giant Amazon (AMZN) dropped to number three at 10:38am EST on September 16.
His fortune is estimated at $145.8 billion, compared to $146.9 billion for Adani, which ended the day with a fortune of $147 billion.
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The day started with Adani at number 3 and Bezos at number 2.
Meta faced some challenges in 2022, like other tech companies. Shareholders were impatient, and the stock fell 56.4% year-to-date, shedding $70.8 billion from its valuation.
The social media company that runs Facebook, Instagram and WhatsApp is among the losers tens of billions of dollars in market capitalization during the trading week ending September 16.
A little over a year ago, Facebook joined the prestigious club of companies worth at least $1 trillion with a market capitalization of $1.078 trillion, set for September 7, 2021.
Competition from TikTok, the short video platform company, is fierce and potentially a steal market share from Facebook, which had 2.93 billion monthly active users as of June 30.
The economic slowdown and likely recession also put pressure on the company’s bottom line, which is supported by advertising.
Zuckerberg and his wife Priscilla Chan signed the Giving Pledge in 2015 to commit to giving away the majority of their vast fortune, along with Bill Gates, the founder and former CEO of Microsoft (MSFT) and Berkshire Hathaway’s (BRK.A) CEO Warren Buffett. The Giving Pledge was created by Buffett, Melinda French Gates and Bill Gates.