Monday, July 15, 2024
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Every day is not a Christmas day, as the wise men would say. It was one of the worst weekends for the most popular billionaires as they lost a fortune to the falling curve of the crypto currency. Jeff Bezos, Meta CEO Mark Zuckerberg, South African billionaire Elon Musk, and Binance CEO Changpeng Zhao all lost billions of dollars in a single day, totaling $55.49 billion.

The report says that the Tesla founder, who is planning to go to Mars and live there, lost US $25.1 billion ($18.5 billion), the Amazon founder and CEO, Jeff Bezos, strayed US $20 billion ($12.78 billion), the Facebook (Meta) founder and CEO, Mark Zuckerberg, lost US $4.86 billion ($6.77 billion) and finally, the Binance founder and CEO, Changpeng Zhao, unredeemed US $13.3 billion ($18.21 billion) all in a single day.

They had been in the industry of the stock market, but instead the week was the worst for all the billionaires who lost their wealth over the week. This is aided by the fact that during the pandemic emergence, the stock market in the crypto currency fell a lot, and it is on the verge of reviving with the positive rise in the economic situation. The main purpose of the companies’ fall is because there was a fall in the peloton scheme beneath its initial public offering, which is the process of giving or offering the public the private company shares. The chipmaker’s stocks have also fallen too much.

It cannot go unmentioned that there are two main reasons why the stock prices dropped. There is the Federal Reserve, which hiked the prices, and they have a scheduled meeting to be done sooner. Technological stocks are another reason for the fall in stock prices.

There are other investors who have not been publicly mentioned, such as those who invest in Bitcoin. They were amongst those who lost their fortunes in the past week. There is an expected continuation of the losses by the investors in the next week since there is no more positive change in the stock prices. Bitcoin is expected to fall by more than 15% and lose up to 50% of its value. It is not just Bitcoin, but also other relative cyrptocurrencies like Etherium, that are falling above 20%.

Government policies have also added to the factors that led to the fall of cyrptocurrencies. For example, the Russian government has made it clear that they will stop accepting cryptocurrency from their market, saying it has caused so much fluctuation. On the other hand, the United States of America is expected to give their view on the cryptocurrency by February of this year under the executive order of the president. At the moment, a Bitcoin costs $35,000 USD.This year will come with many changes as it is expected to cause a change in the net worth of the affected billionaires, considering there are those who did not incur any loss in the process of stock loss. There will be a new ranking of billionaires and there will be a big difference since the majority of the above-mentioned billionaires will not feature on the list.

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