In a painful week for billionaires, stocks of tech companies, cryptocurrency assets, and online gaming have collapsed, with major indices experiencing their largest drop since the COVID-19 outbreak. These recent declines come against the backdrop of the looming threat of the U.S. Federal Reserve raising interest rates.
Billionaire Amazon founder Jeff Bezos lost $20 billion of his fortune, while cryptocurrency king and founder of Binance, Changpeng Zhao, saw a decrease of about $17.7 billion in his wealth, and Mark Zuckerberg's fortune dropped by $10.4 billion. During the week, cryptocurrencies lost over a trillion dollars in market capitalization, with Bitcoin prices falling to their lowest levels in six months, and losses extending to other digital assets.
According to Bloomberg estimates reviewed by "Al Arabiya Net," Zhao's fortune currently stands at $75 billion. As challenges arise, the world's richest man, Elon Musk, lost more than 9% of his wealth, which diminished by over $25 billion this week, placing him at the top of the list of losers, along with Mark Zuckerberg.
Among the 10 richest people in the world, only one person avoided losses this week, as luxury fashion titan Bernard Arnault is close to regaining the second position on the billionaires list.
