Forbes Annual Ranking Of Richest Billionaires Shows Amazon Founder Jeff Bezos’s Wealth Taking Biggest Plunge In 2022

It can be said without any hesitation that the year 2022 was troublesome for many sectors and the tech industry is no exception.

Shares took a massive tumble and that really did end up causing a major dent in the fortune belonging to some top business founders.

This week, Forbes published its annual ranking for the richest billionaires and some shocking insights proved who stood their ground and who simply couldn’t.

It was Amazon’s Jeff Bezos whose wealth took the worst hit in 2022. To be more specific, we’re talking about a massive drop of $57 billion from the period of March of last year. Today, he's doing better and is standing firm at $114 billion, turning him into the world’s third-richest individual.

The stocks for Amazon dropped by a good 50% in the year 2022 and that turned the first time since we saw the public firm lose a staggering $1 trillion of its market share value.

But in terms of wealth gains, in second place, was none other than tech billionaire and CEO of Tesla and Twitter, Elon Musk. His net worth stands at $180 billion while the top place went to the CEO of LVMH Bernard Arnault. His net worth stands at $211 billion.

Coming to Amazon’s share price, fell by nearly 50% in the past year, and this made it the first public firm to ever endure a loss worth $1 trillion in terms of market value.

The list for 2023 has nearly 313 billionaires arising from the tech world and together, the sum of their fortune is close to $1.9 trillion. This is down from the previous year when 332 tech firm titans were seen, which were worth $2.1 trillion in 2022 as per records from Forbes.

But it was the year 2021 that served as blazing hot for the tech industry. This is where Forbes saw 365 tech billionaires witnessing a record worth $2.5 trillion.

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As far as the year 2023 is concerned, it’s not been the best beginning for Amazon. The firm’s CEO that replaced Jeff Bezos, Andy Jassy opted to step down from the leading position in July of 2021.

They made it very clear in January that the firm would remove 18,000 jobs and that would make it the biggest job cut in the firm’s history.

We saw in March how Jassy declared that the company would be firing nearly 9000 more members of its workforce as it hopes to move ahead with a leaner organization.

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by Dr. Hura Anwar via Digital Information World