Meet The Richest Tech Billionaires In 2023
During the stock market's sharp drop, the richest tech billionaires lost a total of close to $500 billion. This is more than the market value of all but seven of the S&P 500 companies.
According to the Bloomberg Billionaires Index, a daily listing of the world's wealthiest individuals, the world's top tech moguls, including Mark Zuckerberg, Bill Gates, and Larry Ellison, have seen more than $480 billion in paper wealth vanish this year up until Thursday.
Several IT companies' disappointing earnings reports this week have made people worry about a coming recession, sent stock prices down, and hurt the wealth of the richest people in the world.
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According to the ranking, Mr. Zuckerberg's net worth decreased by $11.2 billion just on Thursday. A dismal earnings report alarmed investors, and shares of his business, Facebook parent Meta Platforms Inc., dropped by 25%. For the second consecutive quarter, the company's revenue declined, and losses associated with its significant wager on the metaverse increased.
The wealth of Meta's CEO has decreased by more than $87 billion so far this year. He now has a net worth of $37.7 billion, ranking him as the 28th richest person in the world by the index. In contrast, earlier this year, he was among the top 10.
High inflation, rising interest rates, and slower growth in digital advertising are hurting tech companies, which experienced rapid growth at the start of the pandemic. Today, many businesses are reducing expenses, keeping an eye on their employee counts, or even firing workers. By the end of trading on Friday, the tech-heavy Nasdaq Composite had dropped 29% for the year.
Many business executives and founders' net worth is at least partially based on their ownership of their companies' stock. As a result, significant fluctuations in the stock prices of their companies can have a significant impact on wealth indicators.
The wealth of Jeff Bezos, the founder of Amazon.com Inc., and the richest man in the world, Elon Musk, has been destroyed by more than $58 billion this year. Before Mr. Musk surged away with a substantial lead, the two businessmen had competed for the title of richest person in the world.
Tesla Inc.'s CEO, Mr. Musk, is also the head of the rocket business SpaceX. He founded the neuroscience company Neuralink Corp. and the underground tunneling company Boring Co.
His on-again, off-again acquisition of Twitter Inc. was finally completed this week, and he will now take the social media business private. Currently, Mr. Musk is valued at $212 billion.
As of September 25, 2022, Michael Dell, the founder, chairman, and CEO of Dell Technologies, is estimated to be worth $44.1 billion. In 2021, the Texas-based tech corporation generated $101 billion in revenue, and Michael today owns stock in VMware, Inc., a Dell spinoff company that was established in 2021 and specializes in cloud computing.
According to datacenterknowledge.com, Dell said in his speech at Dell Technologies World in Las Vegas in May 2022 that he planned to double down on the cloud computing market. He said, "We're taking the next step forward with a multicloud ecosystem that includes the edge, where AI processes and moves data across 5G networks in highly automated environments."
Zhang Yiming, the creator of TikTok and ByteDance, is estimated to be worth $44.5 billion as of September 25, 2022. That's quite an accomplishment given that he gave up his position as CEO of ByteDance in 2021 following a smooth transition to the organization's new leader.
Since he believes he is more suited to "analyzing organizational and market concepts and leveraging these theories to further minimize managerial work," Zhang intends to remain on staff at ByteDance and continue serving as an advisor through 2022 and beyond, according to Forbes.
Zhang's analysis involves growing the VR market to compete with Meta; however, the Pico headset recently experienced launch issues in September 2022, necessitating additional market research (per The Information). Maybe sooner rather than later, the wealthiest TikTokers will start using Pico.
Steve Ballmer still holds a large stake in Microsoft in 2022, despite leaving his position as CEO in 2014.
He presently has an estimated net worth of $84.9 billion as a result of multimedia income from products including Windows, Xbox, Surface tablets, Microsoft smart home technology, and more. The Los Angeles Clippers basketball franchise is another property of Ballmer.
Ballmer is currently working on USAFacts.org, a website that aims to provide voters with pertinent political facts.
According to The New York Times, Ballmer has made the decision to use the data-gathering platform to create a "Moneyball" for government in 2022 by providing voters with precise and thorough information so they can hold elected officials accountable.
The biggest software company in the world, Microsoft, was co-founded by Bill Gates. In addition to the $168 billion that the corporation expects to make in 2021 from its numerous properties, Gates has accumulated his wealth through investments made through Cascade Investments and the Gates Foundation. As a result, according to the Bloomberg Billionaire Index, his current net worth is $107 billion.
Ever the visionary, Gates has committed $125 million in 2022 to implementing the subsequent pandemic preparedness plan, which should "end the acute phase of COVID-19 and avert the next pandemic," according to The Atlantic (per The Gates Foundation).
According to Bill Gates' 2022 book, "How to Prevent the Global Pandemic," Gates intends to put together GERM (Global Epidemic Response and Mobilization) and Emergency Operation Centers (EOC) teams of first responders to build an organized network of ready professionals to prevent the virus rather than just respond to it.
Jeff Bezos, the founder of Amazon, the largest online retailer in the world that has subsequently branched out into multimedia entertainment, ought to be well-known by now. Bezos was the CEO of Amazon until mid-2021, but he still has a $137 billion net worth. Bezos has invested in Altos Labs during the past year, a business focused on immortality and reverse-aging (per The Byte).
Bezos has been investing in his spaceflight business, Blue Origin, in addition to combating mortality through Altos Labs and competing with SpaceX. Additionally, Bezos just unveiled the Bezos Earth Fund, a program that makes a $10 billion commitment to fund scientists, activists, and nonprofits working on the climate issue.
Together, the wealthiest Americans lost $660 billion in 2022; Elon Musk suffered the greatest losses. Billionaires had a difficult year. According to PureNetWorth, the cumulative losses in their net worth of the world's billionaires in 2022 were close to $2 trillion.
Elon Musk is expected to be the first of the 21 people who have a chance of achieving this incredible feat in their lifetime. The first billionaire waPlaimed in 1916, and it must have seemed even more impossible to achieve at the time than it does now.
Seven of the tech billionaires rank among the top 10 richest people in the world. The list's tech billionaires made their wealth in a variety of sectors, including automotive, software, internet shopping, and social networking.
Despite the current downturn, 56 of the 65 tech-related billionaires on the Forbes 400 list people like Oracle founder Larry Ellison, Google founders Larry Page and Sergey Brin, Twitter founder Jack Dorsey, and former Microsoft CEO Steve Ballmer are wealthier than they were in 2019.