Are the markets shrinking?
Just over a year ago, when the world was coping with the waves of the epidemic, companies set up by Musk, Bezos, and Gates were riding the high waves of growth and the personal fortunes of these men were swelling.
Cryptocurrencies that were peaking during the uncertainties of last year have fallen to less than half of their peak values, and the bull runs the stocks of some companies had have surely come to an end. For instance, Amazon stock was flying above $3,000 in January this year and has dropped to as low as $2,000 this month.
The Tesla stock went as high as $1,200 on January 3, but has since shed tremendous value, dropping to $628 this month. The fall can also be attributed to Musk's decision to dip his toes in the social media game by offering to buy Twitter for a cash transaction. Apart from the fears that Musk's focus will move away from his electric vehicle company, investors are also worried that Musk will dump Tesla stock to finance his new interest.
Unlike Musk and Bezos, who remain heavily invested in the companies they have founded, Gates has diversified his investment portfolio and put his money with Warren Buffett's Berkshire Hathway holdings. Buffett is the only person in the top 5 richest people list to have seen his personal worth soar in 2022.A quick glance at the Bloomberg Billionaire's Index shows that most names on the list have seen their fortunes shrink in 2022 and this might be a sign of the things to come.
Financial experts warn that hiking interest rates could bring in a recession, something that Musk has welcomed. Musk believes that people are due for a"rude awakening",
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