Top 20 Big Tech Billionaires Lose 680 Trillion Won in Wealth... Zuckerberg's Drops by 124 Trillion Won

[Asia Economy Reporter Seomideum] The Wall Street Journal (WSJ) reported on the 28th (local time) that the wealth of the top 20 American big tech billionaires has evaporated by 680 trillion won.

According to the report, as of the 27th, the combined wealth of the top 20 big tech billionaires, including Mark Zuckerberg, Elon Musk, Jeff Bezos, and Bill Gates, has decreased by more than $480 billion (approximately 684.2 trillion won) compared to the beginning of the year.

The cause is attributed to a combination of recent economic downturn, the Federal Reserve's (Fed) aggressive interest rate hikes, and an 'earnings shock.'

The largest loss was suffered by Mark Zuckerberg, CEO of Meta Platforms (hereafter Meta). His loss amounted to $87 billion (approximately 124 trillion won), causing his overall billionaire ranking to drop from 6th to 38th.

Elon Musk of Tesla and Jeff Bezos, founder of Amazon, each reportedly suffered losses of about $58 billion (82.7 trillion won).

Larry Page and Sergey Brin, co-founders of Alphabet, Google's parent company, also saw their wealth decrease by $40 billion (57 trillion won) each. Recently, Alphabet's subsidiary YouTube announced its first-ever year-over-year decline in third-quarter advertising revenue.

Alibaba's Jack Ma lost $9.3 billion (13.3 trillion won), and Jeff Bezos's ex-wife, Mackenzie Scott, saw a decrease of $29 billion (41.3 trillion won).

The WSJ explained, "At the beginning of the COVID-19 pandemic, a billionaire was born every 30 hours, but the IT industry, which had enjoyed high growth, is now suffering from high inflation, rising interest rates, and a slowdown in digital advertising growth."

This content was produced with the assistance of AI translation services.