$76 Billion Wiped Off America’s Wealthiest

A stock market rout

$76 billion were wiped off America’s wealthiest in 2018. However Forbes list still saw an increase as well as a decrease on the investors list.  This year 15 people were added to the Forbes 400 list of wealthiest Americans.  31 additions were added to the Bloomberg Billionaire Index.

Jeff Bezos was this year’s winner for being the wealthiest individual on the planet in 2018.  He increased his wealth by $24 billion.  He stakes his claim as the wealthiest man in the world.  In fact, his fortune increased with $26 billion in 2018.  He has a net worth of $125 billion and he is the biggest gainer for the second consecutive year.  Jeff Bezos gained the most wealth in 2018.

Winners and Losers

Tim Sweeney, the Creator of Fortnite is another big winner of 2018.  Epic Games are the developers of Fortnite.  This is a privately held company where Tim Sweeney owns 40%.  The video game became an instant phenomenon in 2018 breaking multiple records.  Tim Sweeney’s wealth increased as the popularity of the video game increased.  This increased his wealth to $3.6 billion in 2018.  Tencent took over Sweeney’s company, the privately held Epic Games, for $330 million in 2012. Tencent Holdings Limited now owns 40% of the company.

Mark Zuckerberg and Facebook Inc. are this year’s biggest losers. 2018 has been a disastrous year for Mark Zuckerberg and for Facebook Inc.  In fact, Facebook share price has plummeted since the public became aware of multiple data breaches.  Zuckerberg’s net worth dropped by $20 billion.  34-year-old Mark Zuckerberg saw his net worth drop by $20.7 billion, which left him with a net worth of $52 billion.  The public has been wary since the Cambridge Analytica privacy scandal to the departure of the WhattsApp founder Jan Koum.

Another Tech Loser is  Evan Spiegel and Snapchat (Snap Inc.).  Evan Spiegel who is the CEO of Snap Inc. has experienced the worst year since Snapchat became a public company trading under Snap Inc.  Snap Inc. affected Snapchat’s losses for 2018 through its earnings.  The company’s stock was selling for an all- time low of $4.99 recently.  There is uncertainty in the technology company because of the fear of Snapchat’s ability to compete with platforms such as Twitter, Facebook and Instagram.  Snapchat has been heavily criticized by celebrities and users over issues such as selection of ads and its redesign.

 

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