A Bad Half For Tech Billionaires.
Image: BlombergBusinessweek Elon Musk’s fortune plunged by almost $62 billion. Jeff Bezos saw his wealth tumble by about $63 billion. Mark Zuckerberg’s net worth was slashed by more than half. ● All told, the world’s 500 richest people lost $1.4 trillion in the first half of 2022, a dizzying decline that marks the steepest six-month drop ever for the global billionaire class. ● It’s a sharp departure from the previous two years, when the fortunes of the ultra-rich swelled as governments and central banks unleashed unprecedented stimulus measures in the wake of the Covid-19 pandemic, juicing the value of everything from tech companies to cryptocurrencies. ● Now that policymakers raise interest rates to combat the high inflation, Some of the highest-flying stocks, and the billionaires who own them, are rapidly losing ground. Tesla had its worst quarter in the three months through June, while amazon.com it slumped the most since...