Saturday, January 28, 2023

What do the billionaires who lost the most money in 2022 have in common?

The Roman historian Tito Livio declared, “Nothing is more profound than the loss of money”. Whether this sentiment is true or not, you should ask the billionaires who lost the most money this year, 2022.

Mark Zuckerberg, Changpeng Zhao, Elon Musk, Jeff Bezos, Sergey Brin, Larry Page, MacKenzie Scott, Bill Gates, Ma Huateng and Amancio Ortega are the names that make the list.

At first glance, it may seem like they don’t share much in common, other than being one of the richest people in the world, but upon closer inspection, they have a lot in common year after year. And no, not all losses are due to inflation or the war in Ukraine. There is much more to analyze.

Many of these veterans started out in the same sector and moreover, have a good chunk of their fortune in stocks in the stock market, which is why the post-pandemic tech crisis has left them squabbling. His wealth has dwindled due to his position in the company and even his involvement in social causes.

Whether 2023 will do better or not is hard to tell right now. For now, these are the reasons that have caused him major losses.

they belong to the technical field

Of course, this hasn’t been the year of technology or Silicon Valley. Proof of this is the wave of layoffs experienced by large companies. The pandemic came to prolong the rise of this sector, but this 2022 has set off all the alarms and the cuts are on.

The war in Ukraine, inflation and Fed policy haven’t helped. No color Mark Zuckerberg with the Metaverse.

For this reason, he and other giants of the field such as Google co-founders Sergey Brin and Larry Page, Amazon founder Jeff Bezos, Microsoft co-founder Bill Gates or Tencent Holdings founder Ma Huateng. A Chinese technology multinational was among the billionaires who lost the most money this year.

he is no longer the CEO

Zara Store, The Jewel Of Inditex.

many of them are founders, but they are no longer visible The companies he built and steered to success. In July 2021 and after 27 years, Bezos left the management of Amazon in the hands of Andy Jesse. he did it so he could concentrate Other aspects of the companyIn which he continues to participate, as well as in other projects.

About 10 years ago, Amancio Ortega left the presidency of Inditex at the age of nearly 75. a process of delegation of responsibilities Which ended in 2017, when he definitively abandoned all his positions. In 2021, his daughter, Marta Ortega, took over as non-executive director.

From needing to test its mettle to first labor scholarship for Marta Ortega: Inditex’s 6 big challenges for 2023

In 2019, Larry Page, till then the CEO of Alphabet (Google parent) resigned from his position. the reason? ,simplify the structure of management “. At the same time, Sergey Brin left the post of chairman of Alphabet, a rather honorary position that disappeared after his departure. Both assured that if there is a “better way to manage the company” then the management Do not stick to the positions of”.

Bill Gates also stepped down from Microsoft’s board of directors. This happened in 2020 following an internal investigation into relations with an employee. But since 2008, he was less committed to the company. To this day, yes, he remains a technology consultant.

age

Sergey Brin And Larry Page, Co-Founders Of Google.

Among the highest-earning billionaires this 2022, a common factor was the relatively high average age of 67. Things change a bit in the case of those who have lost the most money.

Rolex has outperformed gold, real estate and stocks over the past 10 years, and sellers believe their value will continue to rise

The average age is quite short, just over a decade. Notably, he is 54 years old, the oldest being Amancio Ortega with 86 years. Mark Zuckerberg is the youngestAge 38 years, rest are around 50.

dedication to charity

Melinda And Bill Gates Visiting A Hospital In Mozambique With Their Foundation In The Fight Against Malaria In 2003.

Another common point is that philanthropy is one of the main activities of many of these profiles. A “hobby” that by its very nature is destined for legacy loss. The greatest philanthropist of this group is Mackenzie Scott, devoted in body and soul to a variety of causes. deposit more than 14,500 million 343 dollars in donations after helping various organizations.

Bezos’ ex-wife has pledged to donate most of her fortune to charity and believes “it would be best if disproportionate wealth was not concentrated in a small number of hands.”

Another one in the list of philanthropists is Bill Gates, who along with his ex-wife created the Bill and Melinda Gates Foundation, aimed at helping those in need and achieving equality. Gates also made giving PledgeAn Alliance for Billionaire Philanthropy.

What do the highest earning billionaires of 2022 have in common?

On several occasions he has stated his desire to donate his entire fortune, which he admits will see him disappear from the list of the world’s richest people in the coming years.

Jeff Bezos has also said that he will donate a good portion of his wealth while he is alive. Bezos Earth Fund has already announced donations through his foundation 10,000 million dollars To combat climate change.

Other names on this list also collect donations or plan to do so, such as Amancio Ortega or Sergey Brin and Larry Page.

falling stock market

Nyse

It has been a crazy year for the stock market and it is one of the major reasons for the loss of lakhs of tycoons. Uncertainty And rising interest rates have prompted investors to sell off the stock market. In the United States, the interest rate set by the central bank has risen from zero in December to 4.5%.

Inflation-Proof: Highest-Earning Billionaires In 2022

Alphabet, Amazon, Meta Platforms, Microsoft and Tesla are among the most affected companies, which explains why their founders have lost millions of dollars. Many of them have also posted historic declines since their IPOs, such as Tesla and Meta.

Changpeng Zhao, the founder of Binance, deserves a separate mention. Because well, your company is not public, but the cryptocurrency market operates like the stock market. The collapse of FTX and its aftermath shook the entire cryptocurrency market, causing heavy losses for Binance.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
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