#NewsBytesExplainer: Billionaires who lost their fortune in the recent past
From Elon Musk losing $100 billion in a single calendar year to Sam Bankman-Fried's personal wealth being completely wiped out, the past year has been chaotic for some of the world's richest. While some had a poor 2022, even those with a remarkable 2022 couldn't keep up their form this year. Let's take a look at some billionaires who lost their fortune.
Musk's peak net worth was $340 billion
No list of wealthy men is complete without Elon Musk. The serial tech investor was once the richest man on the planet. At its peak in November 2021, Musk's net worth was $340 billion. Since then, however, it has been on a decline. In November 2022, he was replaced by Bernard Arnault, the CEO of LVMH, as the world's richest man.
Musk lost over $100 billion in one calendar year
By the end of 2022, Musk was worth around $125 billion, according to Bloomberg Billionaires Index. At the end of 2021, he was worth $270 billion. While he was the first to amass a fortune beyond $300 billion, he also became the first to lose over $100 billion in net worth in a single calendar year.
Bezos' fortune took a massive hit in 2022
Musk wasn't the only former richest person who lost billions in the last year. Joining Musk on the podium is Jeff Bezos, the founder and former CEO of online retail giant Amazon. Bezos has the distinction of being the first to cross the $200 billion mark in net worth. However, his fortune took a massive hit in 2022.
Bezos' net worth fell by $89 billion in 2022
Per Bloomberg Billionaires Index, Bezos was worth $196 billion at the end of 2021. However, by 2022's end, he was only worth $107 billion. Behind Musk, Bezos had the biggest decline in fortune in 2022. His net worth fell by $89 billion. This year, both Musk and Bezos have been on the recovery path. Musk is again at touching distance from the top spot.
Zuckerberg's fortune fell by over $70 billion
Last year was a chaotic one for the tech sector. Some of the wealthiest human beings whose fortunes are tied to tech companies also took a beating due to the tech rout. Mark Zuckerberg, the CEO of Meta, was worth $140 billion once. In November 2022, he was only worth $34.6 billion. Zuckerberg's net worth fell by over $70 billion in 2022.
Adani was the biggest gainer in 2022
While 2022 was one of the worst years for some of the richest on Earth, there was one man whose fortunes went upward like never before - Gautam Adani. Last year, his net worth grew by $49.3 billion, making him the biggest gainer. At the end of the year, he was only behind Arnault and Musk in the Bloomberg Billionaires Index.
Adani lost over $70 billion in a month
Adani's fortunes took an about turn in 2023 after the US-based short-seller Hindenburg Research accused the conglomerate headed by him of stock manipulation and accounting fraud. He was worth $121 billion at the end of 2022. Now, the Indian business tycoon is only worth $49.1 billion, according to the Bloomberg Billionaires Index. His wealth has been wiped out by over $70 billion.
44 start-up founders lost $96 billion in total
It wasn't just the world's richest that had a lean patch in the past year. The founders of some of the biggest unicorns in the world also felt the brunt of economic uncertainties and macroeconomic headwinds. According to a list compiled by Forbes, a group of 44 start-up founders is $96 billion poorer than they were a year ago.
Byju Raveendran lost 31% of his wealth
Among the unicorn founders that lost the most, the top spot is held by none other than Bankman-Fried. Crypto exchange FTX's liquidity crisis and ensuing drama wiped out his fortunes completely. He went from $24 billion to $0. The list also includes Byju Raveendran and Divya Gokulnath of BYJU'S. They lost 31% of their wealth.
