Stock Market Has Its Worst Week.
The fortunes of some of the world’s wealthiest people have taken a knock as a result of falling tech stocks and cryptocurrencies during the last week. Elon Musk, the founder of Tesla and SpaceX, lost $25.1 billion, Amazon’s Jeff Bezos lost $20 billion, Binance’s Changpeng Zhao lost $17.7 billion, and Facebook’s Mark Zuckerberg lost $10.4 billion, according to Bloomberg.
The stock market had its worst week since the slump at the start of the Covid-19 outbreak. Big-name firms took a hit, with Peloton dropping below its IPO price and Netflix declining by the most in a decade.
Chipmaker stocks have also been struggling , tech-heavy Nasdaq was down 7.6% for the week as of Friday’s closing, its largest drop since March 2020.This is also the index’s fourth consecutive weekly decrease, the longest in nine months.
The Federal Reserve is expected to raise interest rates in the coming weeks, with a meeting scheduled for Tuesday and Wednesday. Investors are expecting additional information on the central bank’s rate-hiking plans. With a host of large earnings reports due this week, including Apple, Microsoft, IBM, Intel, and Tesla market volatility is anticipated to persist into the new week.
This week, the value of cryptocurrencies suffered as well, with bitcoin falling to a six-month low and the value of other digital assets falling as well. Hundreds of billions of dollars were lost by investors over the course of the week, escalating an already catastrophic drop in the crypto markets.
Over the previous week, Bitcoin has lost 16.8% of its value. Other cryptocurrencies have suffered much greater losses, with ethereum currently down 25%.
Bitcoin has already had the worst start of the year in its history. It is currently worth less than $35,000, down from a peak of about $68,000 (£50,000) in November. Elon Musk’s fortune has plummeted 9% according to the Bloomberg Billionaires Index, although he still leads the pack of the world’s wealthiest persons by a huge margin, with a total worth of $243.4 billion.
Bezos is ranked second, with a net worth of $167.6 billion dollars. With $167.5 billion, French luxury retail mogul Bernard Arnault is poised to vault Amazon founder Jeff Bezos into second place as the only person in the top 10 who has not lost any net worth in the previous week.
Bill Gates, the creator of Microsoft, is fourth with $128.6 billion, while Larry Page, the founder of Google, is fifth with $116.5 billion.