Biden’s economy is a nightmare for all Americans, including the tech billionaires.
The markets have taken a beating in 2022. This is currently one of the worst years for the stock market in US history. The markets are currently down more than 4,000 points this year. Only 2008 has seen a worse drop than in 2022 and the year isn’t over yet.
Not only have the tech giants been devastated over this past year but the the tech billionaires have been destroyed as well.The Daily Mail reports:
Amazon’s value has dropped below $1trillion for the first time since April 2020 amid a sharp decline in the value of the world’s biggest tech firms.
The e-commerce giant becomes the third tech behemoth to drop out of the trillion-dollar club, with its market cap down more than 44% since last November’s peak. On Tuesdday, shares plunged 5.9% to $96.79 billion.
In total, the six largest tech companies have lost a staggering $4.35 trillion in value compared with their respective peaks.
Apple, Microsoft and Alphabet still boast values greater than $1T – but these companies have not been immune to huge declines in their stock prices.
Tesla dipped below $1T last November, just weeks after it reached the milestone.
https://www.thegatewaypundit.com/2022/1 ... orth-year/