The world’s richest people have collectively lost more than 1.4 trillion dollars since the start of the year.
And yeah, that’s trillion with a capital T.
What goes up must come down so it’s no surprise that the world’s 500 richest people made a lot of money during the brief but intense 2021 bull run, and then lost even more in 2022 in the ongoing bear market.
Remember when the housing market was booming, crypto was exploding and the stock market was doing great? It feels like forever ago but it’s only been a few months and a lot has changed since.
The net worth of people like Elon Musk, Mark Zuckerberg and Jeff Bezos is always tied to the value of their company stock value, so whenever the stock market is down, their net worth goes down.
READ MORE: Tesla stock plummets amid rumors Musk might sell shares to buy Twitter
Mark Zuckerberg, co-founder and CEO of Facebook (now Meta), is not even in the top 10 anymore, and his net worth is less than half what it used to be.
This is mostly due to the fact that the company lost £3 billion in Q1 2022 in its VR division, and Meta’s share price plummeted as a consequence.
Now he’s ‘only’ worth around $60 billion.
Our hearts go out to him.
READ MORE: Meta reports record loss in Q1 2022
Things aren’t going well for Bezos and Musk either, because Tesla had its worst quarter ever in Q1 2022 and Amazon stock also went down.
They ‘lost’ $63 billion and $62 billion, respectfully.
Something worth noting: you need a net worth of around $5 billion to be in the top 500.
That means that some of the new billionaires of 2022, for example Rihanna (whose net worth is $1.7 billion) and Lord of the Rings director Peter Jackson ($1.5 billion) didn’t make the cut.