In the past six months, the world’s 500 richest people have lost an estimated $1.4 trillion. Contrary to the continuous growth of billionaire wealth in the past two years, the current economic scenario shows that the rich are losing their value due to rising interest rates around the world.
Entrepreneurs such as Elon Musk and Jeff Bezos have already announced unprecedented losses in recent months: Elon has lost about $61 billion and the head of Amazon is $62.7 billion.
Today, one of the most important purchases of the financial market has not yet been completed. The purchase of Twitter by Musk is still closed in negotiations after clashes between the billionaire and current CEO of Parag Agrawal, as well as withdrawals from other shareholders in the process. The acquisition amounted to a $44 billion deal to buy the social network.
The more established entrepreneurs in the market have also suffered the economic consequences of the post-pandemic world: Bill Gates posted a loss of $23.4 billion in the first half of 2022.
While the decline in the fortunes of the rich could be the beginning of the path to social equality, the disparity between the billionaire class and the average population is large and does not imply automatic improvement for countries in crisis.
Two other men who are part of the world’s richest class have struggled between global crises in various sectors, Changpeng Zhao and Sam Bankman-Fried, who have undergone sudden drops in the cryptocurrency market after instability in digital investments and Russia’s richest man bypassed sanctions from several countries in Amidst the war in Ukraine.
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