Shulou(Shulou.com)11/24 Report--

Beijing, Oct. 29 (Xinhua) the wealth of the world's 20 richest tech billionaires lost nearly $500 billion (3.6 trillion yuan) under the drag of the stock market crash, exceeding the market capitalization of all but seven companies in the S & P 500 index.

The wealth of tech tycoons has plummeted this year. The Bloomberg Billionaires Index shows that as of Thursday, the paper wealth of the world's richest tech tycoons, including Mark Mark Zuckerberg, Bill Gates and Larry Ellison, has lost $480 billion. Disappointing results from several tech giants this week heightened fears of a recession, dragged down share prices and weighed on the wealth of the world's richest people.

Zuckerberg's net worth shrank by $11.2 billion on Thursday alone. His company, Facebook parent company Meta, had previously reported disappointing results that spooked investors and sent its share price down 1/4. Meta's revenue slowed for the second quarter in a row and losses related to big bets on the universe widened. Zuckerberg's wealth has fallen by more than $87 billion so far this year. He currently has a net worth of $37.7 billion, making him the 28th richest person in the world. Earlier this year, he was in the top ten.

Elon Musk, the world's richest man, and Jeff Bezos, the founder of Amazon, have each lost more than $58 billion in wealth this year. Musk, who currently has a net worth of $212 billion, completed his acquisition of Twitter this week. Bezos currently ranks second with a fortune of $134 billion. Amazon's shares fell 7% on Friday as its fourth-quarter earnings outlook fell below expectations.

The only woman among the top 20 tech billionaires is Bezos'ex-wife Mackenzie MacKenzie Scott. The philanthropist lost more than $29 billion in wealth this year, but partly because of her generous donation.

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