The goal of every business is to make a profit. Whereas the expenses exceed the profits there's an incurred loss. Sadly these losses may be due to some controllable and uncontrollable factors.
Billionaires and their Losses in Past weeks
However, in the business world, there are a number of top businessmen who make so much profit that makes them billionaires. However, they incur losses too. According to Forbes’ estimates, the fortunes of the 50 richest people on the planet (worth a combined $2.9 trillion as of last Friday’s close) have shriveled by more than half a trillion dollars since the beginning of the year. check out some billionaires and their losses in the past weeks.
Elon Musk is the owner and chief executive of electric car maker Tesla and rocket manufacturer SpaceX. Due to his wealth, he made a deal to buy the most famous social media platform, Twitter. He however has incurred an amount of loss over this past week.
There have been a lot of production issues in China due to the country’s latest round of Covid lockdowns. This gave rise to a Year-to-date net worth loss of$69.1 billion and this has caused Musk’s fortune to drop from $270.1 billion in January to just $201 billion as of Friday.
Elon Musk however with his losses is still the richest man with the least year-to-date net worth loss among the others.
Changpeng Zhao is the CEO of Binance, the world’s largest cryptocurrency exchange. His net worth however fell from nearly $95 billion in January to just $14.9 billion as of Friday while the cryptocurrency market tumbled.
The CEO lost $1.6 billion on his investment in Luna this month alone. This was after the collapse of the stable coin TerraUSD, making him to fall from his spot as the 11th richest person in the world in January.
With a Year-to-date net worth loss of $80.9 billion, he tops the list for the largest year-to-date drop in net worth so far and is now the 113th richest person today.
With a Year-to-date net worth loss of $61.1 billion, Bezos who was once the world's richest man is now seen as the world's second-richest person. His net worth decreased from $192.1 billion in January to just $131 billion as of Friday and this was due to the Amazon stock falling roughly 37% since the start of the year,
He however resigned as the CEO of the Amazon company and has a 10% of the e-commerce giant and his worth away from $211 billion as seen in July of last year.
Mark Zuckerberg is the owner of social media platforms like Facebook, Whatsapp and Instagram. With a Year-to-date net worth loss of $54.1 billion has fallen from third richest person to the #13 spot as of Friday.
His net worth dropped from $122.5 billion in January to just $71.4 billion as of Friday as his Facebook shares have traded down 42% year-to-date.
You notice that the net worth loss is a determinant to their position in the list of the world's billionaires. A constant increase in this net worth loss results to their lower position on the list.
Excellence Chukwuma Chukwunaedu
I enjoy marketing, technology and business. I help businesses and brands connect with their ideal customer profiles and build products that excite them and solve their problems.