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 the dot-com bubble burst. ● Though the losses a