The skyrocketing wealth of tech billionaires

Together, Jeff Bezos (Amazon), Mark Zuckerberg (Meta) and Elon Musk (Tesla) lost $294 billion in 2022. SAUL LOEB/AFP; Archivo/Latin America News Age; DPA/ Photononstop/DPA/Photononstop

DESCRIPTION – The stock market of Tesla, Meta, Amazon and Google has melted the assets of their leaders.

Three thousand five hundred billion dollars went up in smoke. The specter of a recession and the slowdown in demand for their services have shaken Wall Street this year, the gold nuggets of American technology.

Geopolitical instability and the brutal tightening of monetary policy to fight inflation have put an end to a decade of unabashed growth for planetary giants like Amazon, Microsoft, Meta and even Alphabet. This stock market decline has greatly affected the wealth of tech billionaires. Because for the most part it is a “paper wealth”, concentrated in the shares they own in their company.

“It will be as random as the goodwill of the financial markets”, summarizes a Goldman Sachs analyst. One such morning in December, the American Elon Musk had his place as the world’s richest man stolen by the Frenchman Bernard Arnault at the head of the luxury empire LVMH. And with good reason: CEO…

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