The fortunes of Elon Musk, Larry Ellison, Brian Chesky and other Billionaires dropped this week amid the continued struggle of tech stocks this week. The market volatility had led to losing billions of dollars to the world's richest people.
Even though the stock indices closed slightly higher this week, the declines were witnessed for several days. The market seems not calm and the volatility may continue for several more days.
Forbes reported that the founders and CEOs of many tech giants lost billions of dollars since January 21, Friday, with the close of the market.
The fortune of Tesla's CEO fell $22 billion with the drop of the company's shares was more than 10 years for another week in a row. Investors argue the supply chain issues may stand as an obstacle to growth this year. However, the electric vehicle maker posted record profits on Wednesday while reporting the quarterly earnings. The current net worth of Musk is $222.2 billion.
Musk meanwhile insulted President Joe Biden in one of his recent tweets for being snubbed at a White House forum on matters of EV makers.
Oracle co-founder Larry Ellison has lost the position of 5th richest person in the world. He is placed 8th with a drop of the company's shares by more than 2 percent. He owns about 35 percent of the shares and his fortune dropped by $3.4 billion to $109.2 billion.
The Oracle shares have been oscillating downward since February after the company announced to be acquiring medical reports company Cerner for about $30 billion.
Similarly, the fortunes of Airbnb CEO Brian Chesky dropped by $1.1 billion to $11.3 billion and Roblox co-founder David Baszueki dropped by $700 million to $3.9 billion.
Chesky founded the home rental company Airbnb in 2009. The shares of Airbnb dropped about 9 percent this week and that of Roblox fell by about 16 percent.
So far, the fourth-quarter earnings seasons have not been found encouraging for some big tech companies. Investors are equipped with fears about the Federal's tightening monetary policy as well as a hike in the interest rates. The stock market is currently in its worst month since March 2020.
Meanwhile, the government bond yields have surged as investors have continued removing riskier stocks from their financial portfolios. The tech-heavy Nasdaq Composite was on its worth month in January since the 2008 global financial crisis.
The other billionaires who have lost fortunes this week include Coinbase CEO Brian Armstrong, Spotify co-founder Daniel Ek and Snap co-founders Evan Spiegel and Bobby Murphy.
The net worth of Armstrong dropped around $600 million to $7.3 billion amid the shares of Coinbase fell 7.5 percent. Similarly, the net worth of Ek fell around $400 million to $2.9 billion as the shares of Spotify dropped nearly 12 percent.
The Snap co-founders' net worths are $6.2 billion and $6.4 billion following the shares of the company fell more than 5 percent.