The stock market values of the main web giants have fallen sharply in 2022, dragging the fortunes of their founders down with them.
Back to reality for the major global technology groups, after two years of the COVID-19 pandemic.
After two years of pandemic, tech stocks are collapsing
While much of the global economy has suffered badly from health restrictions, the web giants have had two idyllic years. Online services have been taken by storm and have ensured many businesses a continuation of their business. Individuals have also been able to continue to live and consume, even cloistered at home, thanks to the Internet.
The GAFAMs were so essential during this period that the capitalizations of companies like Apple, Google, Amazon or Microsoft exploded during the period. But, everything has an end.
The return to normal life has hurt technology stocks, which have plummeted on the stock market throughout 2022. The founders or managers of these companies, whose fortunes are mainly made up of shares, have logically followed the trend.
Between $20 billion and $88 billion gone, but they still have a lot left
the washington post therefore tells us that billionaires lost a total of 433 billion dollars over the whole of 2022. The most brutal fall is that of Elon Musk, who lost 132 billion dollars in twelve months. Tesla’s stock has continued to tumble during this year, the fault of supply difficulties, but also of the sale of securities carried out by Elon Musk for the chaotic takeover of Twitter. Investors take fright, and nothing seems to stop the fall of the company.
Jeff Bezos lost $84 billion. Amazon has had one of the worst years in its history, as consumers are moving away from the e-commerce giant to find physical stores. The man, however, remains at the head of a jackpot of 108 billion dollars.
Mark Zuckerberg has meanwhile seen 80 billion dollars fly away. His Meta business is going through a massive crisis related to increased competition from TikTok, skyrocketing spending on building the metaverse, and ad revenue. This last reason also causes a drop of 88 billion dollars in the combined fortunes of Sergei Brin and Larry Page, founders of Google.
Finally, Bill Gates and Steve Ballmer limit the breakage with respectively 28 and 20 billion dollars less. The two former Microsoft executives can count on the good health of the company, which continues to make progress on the subject of cloud computing. Nevertheless, a weaker demand from PCs should still nibble a little more on their generous jackpot next year.
Source : washington post
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