Q: Is there an I DON'T GIVE A FUCK column on COSO?
The world’s richest 500 people have lost more than $1 trillion in net worth this year.
What happened: Because the ultrawealthy stash their riches in financial assets like stocks, their wealth is correlated with the market’s performance. And while stocks usually go up…right now they’re crashing. The fortunes of Elon Musk, Jeff Bezos, and Mark Zuckerberg have each dropped by more than $50 billion as Big Tech shrinks to Medium Tech.
Bloomberg
Crypto moguls are also cutting butler staff on the heels of an epic wipeout across their industry.
Coinbase CEO Brian Armstrong’s net worth has plummeted 84% to $2.2 billion.
Changpeng Zhao, the CEO of Binance, has watched his bank account dwindle from $96 billion to less than $12 billion.
Do billionaires losing money…matter? Well, one spillover effect is that Elon Musk is still searching for partners to help him alleviate some of the financial risk from buying Twitter for $44 billion. Tesla, of which Musk owns 15.6%, has fallen more than 25% since he agreed to buy the bird app.—NF