It was not only retail investors who lost a lot of money in the stock market. In the first half of 2022, the world’s richest 500 people lost $1.4 trillion, according to the Bloomberg Billionaires Index.
After two years of impressive gains for the planet’s billionaires, their total net worth fell by tens of billions of dollars in just six months, the largest drop on record.
Meta CEO Mark Zuckerberg saw his fortune plunge by about $64 billion to $59.6 billion. Zuckerberg’s sharp drop in wealth was buoyed by the 50 percent slump in Meta stock.
Elon Musk, the Tesla Motors and SpaceX CEO, lost close to $62 billion, falling to around $204 billion. The sharp slide was driven by the sharp 51 percent drop in Tesla shares, trading just below $700….