Silicon Valley founders and CEOs have had a rough year so far, losing billions of dollars in net worth.
The tech billionaires account for 6 of the 10 biggest losers so far this year, with losses approaching a quarter of a trillion dollars for the group.
Topping this dubious list is Mark Zuckerberg, the founder of Facebook, now called Meta Platforms (POST) . Zuckerberg is down $70.8 billion, or 56%, so far this year.
But fear not, he still ranks as the 20th richest billionaire as of September 18, according to the Bloomberg Billionaires Index.
Zuckerberg, who is just 38, is still worth $54.7 billion, surpassing Michael Dell of the computer company of the same name and Changpen Zao, founder of Binance.com, the world’s largest cryptocurrency trading platform by volume transactions.
Zuckerberg isn’t the only tech mogul having a rough year. Jeff Bezos recently lost the title of second richest man in the world to Indian tycoon Gautam Adani.
Bezos, founder and executive chairman of tech and online retail giant Amazon (AMZN) dropped to third place at 10:38 am. EST on September 16.
He had a fortune estimated at $145.8 billion compared to $146.9 billion for Adani who ended the day with a fortune of $147 billion.
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The day started with Adani at No3 and Bezos at No2.
Meta faced some challenges in 2022, similar to other tech companies. Shareholders were impatient, and the stock is down 56.4% year-to-date, shedding $70.8 billion in valuation.
The social media company that runs Facebook, Instagram and WhatsApp is among the companies that lost tens of billions of dollars in market value 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.
In July, Facebook reported its first quarterly revenue decline since going public in 2012.
Competition from TikTok, the short video platform company, has been stiff and could steal market share from Facebook, which had 2.93 billion monthly active users as of June 30.
The economic slowdown and a possible recession have also weighed on the company’s results, which is supported by advertising.
Zuckerberg and his wife, Priscilla Chan, signed the Giving Pledge in 2015 to commit to giving away most of their vast wealth, along with Bill Gates, 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.