The COVID-19 pandemic has erased billionaires’ stock shares, and now most of them aren’t relishing the privileges. There are some billionaires whose net worth is soaring, but others aren’t faring enough. It could be witnessed that there are some billionaires whose net worth is plunging at a massive rate. Earlier this month, around five tech billionaires, lost $44 billion. During the lockdown that was imposed around the world, tech companies were enjoying massive revenues. The market was rallying, but in the second half of the year, things started to turn upside down, it is due to the overextended valuations that were forecasted. The situation ultimately led to a hefty tech sell-off.
Even though the tech shares sell-off that took place earlier this month and the losses they have incurred, the collective net worth of the world’s top 5 tech billionaires is around $830 billion.
Moreover, the world’s richest woman MacKenzie Scott’s Net Worth has also dropped by $3.2 Billion. In 2019, after getting divorced from Jeff Bezos, founder, and CEO of Amazon, Scott became the world’s richest woman. Let’s have an eye on Five Tech Billionaires, whose Net Worth has plunged in 2020.
Jeff has witnessed a dramatic drop in his net worth. Earlier this year, Amazon’s stock dropped by 4.63%, and it took away $9 billion from Jeff Bezos Net Worth. Moreover, he lost $7 Billion overnight in march and around $18 billion in a month. Perhaps the biggest billionaire Jeff Bezos has been affected by the virus. COVID-19 engulfs his net worth.
Google‘s co-founder Larry Page has also experienced a significant fall in his net worth. Last year, in 2019, Larry announced to step back from Google’s CEO post. The renowned billionaire has spent his money on real estate and other projects. Amid the Coronavirus pandemic, initially, Google’s revenue increased, but the second half of 2020 has proved not to be futile for anyone, including the tech giants. Larry has witnessed a $1.9 billion drop in his net worth.
Earlier this year, Facebook‘s stock shares experience a massive drop. It was due to the fact that top advertisers boycott the social networking site. The company’s share dropped by 8%, which was a huge loss for the company in terms of its net worth, and it had significantly had a negative impact on Mark’s net worth. He has experienced a $7.2 billion loss in his net worth.
Earlier this month, Elon Musk witnessed a wild swing in is net worth by losing $16.3 billion. It was the largest single-day wipe out in the Bloomberg Billionaire Index. In New York trading, the shares of electric-car making company fell by 21%. One of the youngest entrepreneurs and billionaire had to go through a massive drop in his net worth. COVID-19 is making things worse not only for the masses but the billionaire club is also experiencing a massive plunge in their net worth.
Bill Gates, who has enjoyed the title of being the world’s richest person, has also experienced a significant fall in his net worth. He has lost 5.09 percent, which turns out to be $5 billion. His net worth has dipped down from $100 billion. COVID-19 has truly affected the net worth of centibillionaires. The Microsoft guy has remained the richest person in the world for three consecutive years, but now the situation is turning upside down.
These are the five tech billionaires whose net worth has dropped significantly in 2020. In the first half of this year, amid the pandemic and lockdown, tech companies have experienced massive revenues, but the situation in the latter half has turned on the other end. Nothing could be predicted in a market where everything is going through an upward and downward phase.