In 2022, these 10 richest billionaires lost the most money



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In 2022, these 10 richest billionaires lost the most money

1. BILL GATES: $27.3 BILLION

While many of the billionaires on this list lost money due to falling stocks, Microsoft co-founder and former richest man in the world Bill Gates lost money for a different reason: charitable causes.

In July, Gates announced on Twitter: “I plan to give almost all of my wealth to the foundation. I will move down to the bottom of the list of the richest people in the world." Gates announced this when he donated $20 billion to his philanthropic fund, the Bill & Melinda Gates Foundation.

2. FRANCOIS BETTENCOURT MYERS: $30.7 BILLION

Francois Bettencourt Myers, famous for being the granddaughter of the founder of L'Oreal, posted a net loss of $30.7 billion on her 33 percent stake in L'Oreal. One key contributor to its loss was a drop in L'Oreal shares in October, which Investing.com reported was due to the Covid-19 lockdown in China affecting the company's key luxury products division.

3. PHILANTHROPIST MACKENZIE SCOTT: $31.7 BILLION

Like Gates, Mackenzie Scott has seen her net worth decrease as a result of her philanthropic efforts. After her divorce from Jeff Bezos, Scott got 25 percent of Bezos' stake in Amazon, which is about 4 percent of the company.

According to Forbes, she promised to give away half of her fortune during her lifetime. In May, USA Today reported that Scott has given away $12 billion to various charities since 2020. Amazon's slumping stock explains the rest.

4. SERGEY BRIN OF GOOGLE: $38.1 BILLION

Google co-founder and board member Sergey Brin lost $38.1 billion this year as Google parent Alphabet missed estimates for quarterly profit as its digital advertising business missed targets.

5. LVMH'S BERNARD ARNO: $38.2 BILLION

The richest person in the world for 2021, Bernard Arnault is on the list of billionaires with the biggest losses, with a decrease in net worth of $38.2 billion. In September alone, the French billionaire lost $4.06 billion due to the effects of new inflation data and higher interest rates.

However, his net worth could still rebound, as Reuters reported that LVMH's sales rose compared to the previous year, thanks in part to the increased purchasing power of US consumers.

6. LARRY PAGE OF GOOGLE: $39.2 BILLION

Page, who co-founded Google and shares a 12 percent stake in Alphabet with Sergey Brin, saw a similar decline in his net worth as his colleague.

In its September report, losses totaled $39.2 billion, likely due to Alphabet's missed targets and a drop in ad revenue on the YouTube platform.

7. JEFF BEZOS: $65.7 BILLION

The founder and CEO of Amazon, Jeff Bezos, has been seeing his net worth decline for some time.

Its net worth has fallen by more than $90 billion since July 2021. It has lost $65.7 billion this year and $23 billion overnight on Oct. 27 after its online retailer forecast weaker holiday sales. However, stock prices recovered at the open the next day, cutting its overnight loss to $7.5 billion.

8. ELON MUSK: $66.4 BILLION

Musk, the CEO of the Tesla company, recently published news about his stormy battle and purchase of the social network Twitter. He changed his mind several times, before finally buying the platform for 44 billion dollars.

This acquisition caused Musk's net worth to drop by $9 billion. It now faces several financial challenges in turning the business around, as Twitter has failed to turn an annual profit in three of the past five years. According to Forbes, Musk also faced financial losses earlier this year, when Tesla shares fell 8 percent in May.

9. CHANGPENG ZHAO: $72.6 BILLION

The founder and CEO of Binance, whose fortune was worth $96 billion at one point, accumulated losses of $72.6 billion due to the cryptocurrency crash. In September, Binance released a report that revealed that the "crypto market is crashing hard." The crash was attributed to macroeconomic factors, as the US dollar showed increased strength against Bitcoin, the most well-known cryptocurrency.

10. MARK ZUCKERBERG: $87.3 BILLION

The biggest net loss of the year can be attributed to Facebook founder and Meta CEO Zuckerberg. As of September 2021, the 38-year-old has lost more than half of his fortune, dropping him from the list of the 10 richest people in the US, where he has been since 2015.

According to Forbes, Meta's stock is down 57 percent over the past year. The decline was primarily caused by losses in advertising revenue due to privacy policy changes by Apple, as well as competition from other networks, such as TikTok. Operating profit was also affected by the company's large investment in Metaverse.