Billionaires — including Mark Zuckerberg, Jeff Bezos and Elon Musk — took a financial hit in the first half of 2022, losing a total of $1.4 trillion, Bloomberg reported.
Zuckerberg, whose total net worth is about $60 billion, according to the Bloomberg Billionaire Index, had begun the year with more than $100 billion, the news outlet noted.
The index notes that Bezos has a current total net worth of $133 billion, while Bloomberg notes he lost around $63 billion in the first half of the year.
Meanwhile, Musk, whose total net worth is $210 billion, lost close to $62 billion during that same time period.
Among the billionaires who have seen the steepest losses for 2022 include cryptocurrency exchange executive Changpeng Zhao at close to $80 billion; Zuckerberg, who lost $65.5 billion; Bezos; Musk and LVMH CEO and chairman Bernard Arnault, who lost about $49 billion.
Bloomberg noted that some of the billionaire losses were attributed to poor company performance in the last quarter; others come against swings in certain markets, like cryptocurrency.
Those losses also come against several other factors: decades-high inflation, an ongoing Russian invasion in Ukraine tampering with an already sensitive supply chain; and the Federal Reserve’s announcement last month to raise interest rates at the fastest pace in nearly 30 years.
Some have expressed concerns over a recession, though President Biden and members of his cabinet argue that a recession is not “inevitable.”