1 00:00:00,160 --> 00:00:03,600 Speaker 1: Let's get to our next guest, Devon Pendleton, Bloomberg Wealth Reporter. 2 00:00:04,040 --> 00:00:05,840 Speaker 1: We wanted to take a look at some of the 3 00:00:06,080 --> 00:00:08,920 Speaker 1: billionaires around the world and some of the huge losses 4 00:00:09,320 --> 00:00:11,639 Speaker 1: that were racked up this year. We we know that 5 00:00:11,720 --> 00:00:14,960 Speaker 1: stock stumbled and bonds stumbled, worst year ever for bonds 6 00:00:15,000 --> 00:00:19,520 Speaker 1: and about down year for the SNP five. Among the 7 00:00:19,600 --> 00:00:22,000 Speaker 1: names up there near the top of the list obviously 8 00:00:22,000 --> 00:00:25,160 Speaker 1: Elon Musk and Jeff Bezos, and I would argue, maybe 9 00:00:25,200 --> 00:00:27,440 Speaker 1: not in terms of the amount of money lost, but 10 00:00:27,520 --> 00:00:31,080 Speaker 1: potential losses. You can probably put Sam Bankman Freed in 11 00:00:31,160 --> 00:00:33,400 Speaker 1: there as well. Of course, that's the case that we'll 12 00:00:33,400 --> 00:00:34,960 Speaker 1: go through the courts, and we have to wait and 13 00:00:34,960 --> 00:00:37,400 Speaker 1: see if we say good morning to Devon Pendleton's our 14 00:00:37,560 --> 00:00:40,200 Speaker 1: our wealth reporter to take a closer look at this, Devin, 15 00:00:40,560 --> 00:00:42,800 Speaker 1: what are some of the shocking trends that happened this 16 00:00:42,880 --> 00:00:46,480 Speaker 1: year that led to these big losses. Well, I think 17 00:00:46,479 --> 00:00:50,720 Speaker 1: the overall, of course, the markets um coming down quite dramatically, 18 00:00:50,800 --> 00:00:54,320 Speaker 1: especially if you compare it to one where everything was 19 00:00:54,440 --> 00:00:58,360 Speaker 1: just so frosthly and surging. I mean that definitely kind 20 00:00:58,360 --> 00:01:00,760 Speaker 1: of across the board. Relate took out some of the 21 00:01:00,760 --> 00:01:03,120 Speaker 1: big names. A lot of the big big fortunes are 22 00:01:03,200 --> 00:01:06,480 Speaker 1: very concentrated in the tech industry of course, Jeff Baso, Amazon, 23 00:01:06,680 --> 00:01:09,600 Speaker 1: Mark Zuckerberg and Meta. But you also had some sort 24 00:01:09,640 --> 00:01:13,679 Speaker 1: of outlier events here which kind of exacerbated the pain. 25 00:01:13,840 --> 00:01:16,960 Speaker 1: Of course, you have, um, the war in Ukraine, which 26 00:01:17,360 --> 00:01:20,240 Speaker 1: took a severe blow to the Russian fortunes. Not only 27 00:01:20,440 --> 00:01:24,280 Speaker 1: were the markets down, the ruble depreciated, but you also saw, 28 00:01:24,360 --> 00:01:27,600 Speaker 1: mean many of these very wealthy Russians, their assets are 29 00:01:27,640 --> 00:01:30,280 Speaker 1: quite concentrated in the West. Um, they have a lot 30 00:01:30,280 --> 00:01:32,840 Speaker 1: of property in London, they owned companies all over in 31 00:01:32,880 --> 00:01:36,759 Speaker 1: the US, Europe, and the sanctions just I mean absolutely 32 00:01:36,760 --> 00:01:40,520 Speaker 1: obliterated the value of those assets. Um. And this, of 33 00:01:40,520 --> 00:01:43,440 Speaker 1: course Elon Musk not just Tesla being down, but also 34 00:01:43,480 --> 00:01:45,840 Speaker 1: buying Twitter and taking a gamble there meant he had 35 00:01:45,880 --> 00:01:47,800 Speaker 1: a lot of sell a lot of stock and also 36 00:01:47,960 --> 00:01:52,640 Speaker 1: leveragiest desion which definitely added to his losses. Not everybody 37 00:01:52,680 --> 00:01:57,120 Speaker 1: was a loser, and so Mr Rami come up and 38 00:01:57,240 --> 00:02:02,520 Speaker 1: a rise. His rise seems at the moment on still Bob, Yes, definitely, 39 00:02:02,520 --> 00:02:06,280 Speaker 1: I mean, got on Donnie is a fascinating story. Um. 40 00:02:06,360 --> 00:02:08,440 Speaker 1: He was somewhere. I think he was in the twenties 41 00:02:08,440 --> 00:02:11,080 Speaker 1: at the beginning of the year in terms of or 42 00:02:11,080 --> 00:02:14,080 Speaker 1: so richest person in the world. He's now number three. 43 00:02:14,360 --> 00:02:17,760 Speaker 1: He's the first Asian to rank in the top three 44 00:02:17,840 --> 00:02:21,040 Speaker 1: richest people in the world. He's a cold tycoon. So 45 00:02:21,600 --> 00:02:24,160 Speaker 1: um that's where he originally kind of made his fortune. 46 00:02:24,320 --> 00:02:27,919 Speaker 1: And with the upheaval and the energy markets, suddenly Cole 47 00:02:28,120 --> 00:02:30,959 Speaker 1: was kind of thrust from the back burner to being 48 00:02:31,000 --> 00:02:34,640 Speaker 1: a very important asset that definitely burnished his fortune. And 49 00:02:35,080 --> 00:02:38,600 Speaker 1: he's diversifying into everything, so he's not going anywhere in 50 00:02:38,639 --> 00:02:43,799 Speaker 1: the year ahead. What was the most interesting dislocation that 51 00:02:43,840 --> 00:02:46,720 Speaker 1: you saw either up or down in this past year, 52 00:02:46,919 --> 00:02:51,800 Speaker 1: and with whom Donnie was certainly most interesting on the 53 00:02:51,960 --> 00:02:55,040 Speaker 1: upward front. On the downward front, I mean, you can't 54 00:02:56,000 --> 00:02:59,200 Speaker 1: you can't avoid talking about Sam Banking Fried. Of course, 55 00:02:59,639 --> 00:03:02,480 Speaker 1: you know, the there's that question of was he worth 56 00:03:02,560 --> 00:03:05,880 Speaker 1: anything at any point ever, But if you look at 57 00:03:05,960 --> 00:03:08,600 Speaker 1: you know he was leveraging a fortune which at its 58 00:03:08,600 --> 00:03:12,720 Speaker 1: peak um we estimated to be worth twenty six billion dollars, 59 00:03:12,919 --> 00:03:16,160 Speaker 1: which was real in the sense that he had investors 60 00:03:16,840 --> 00:03:21,200 Speaker 1: um piling money into FDx, he had clients putting money 61 00:03:21,200 --> 00:03:24,480 Speaker 1: in there. He had a ton of um capital at 62 00:03:24,520 --> 00:03:27,440 Speaker 1: his disposal she was throwing around. I mean, he was 63 00:03:27,880 --> 00:03:31,520 Speaker 1: donating to politicians, He was propping up so many other 64 00:03:31,600 --> 00:03:35,119 Speaker 1: cryptos as things started to hit the skids, and he 65 00:03:35,200 --> 00:03:39,040 Speaker 1: was also buying huge steaks in public companies like Robin 66 00:03:39,080 --> 00:03:42,520 Speaker 1: Hood so real or not. He was leveraging that fortune 67 00:03:42,600 --> 00:03:45,280 Speaker 1: to huge effect and to have it just vaporized in 68 00:03:45,280 --> 00:03:46,800 Speaker 1: the matter of a week. I mean, he went from 69 00:03:46,840 --> 00:03:50,000 Speaker 1: sixteen billion dollars to zero in a matter of days. 70 00:03:50,360 --> 00:03:53,000 Speaker 1: It's not something we've really ever seen before. It was 71 00:03:53,440 --> 00:03:56,120 Speaker 1: shocking and really is going to have a knock on 72 00:03:56,160 --> 00:04:00,400 Speaker 1: effect for years now. You mentioned the on Musk, but 73 00:04:00,720 --> 00:04:03,480 Speaker 1: there was one man who really had a tough time 74 00:04:03,520 --> 00:04:07,160 Speaker 1: of it, and some are blaming well nearly everybody's blaming 75 00:04:07,200 --> 00:04:10,440 Speaker 1: those losses on his obsession, as some have put it 76 00:04:10,880 --> 00:04:14,000 Speaker 1: on the so called metaverse. And we're talking of course 77 00:04:14,480 --> 00:04:18,520 Speaker 1: Mark Zuckerberg. Yes, Mark Zuckerberg had a horrible year. He 78 00:04:18,600 --> 00:04:21,559 Speaker 1: was down in terms of percentage wise, he was down 79 00:04:21,839 --> 00:04:26,920 Speaker 1: more than anybody. He was done about sixty this year UM, 80 00:04:26,960 --> 00:04:29,080 Speaker 1: which is a big fall for him. I mean, he's 81 00:04:29,120 --> 00:04:32,280 Speaker 1: for years he's kind of been among the top five 82 00:04:32,360 --> 00:04:36,960 Speaker 1: or eight richest people. He's now done in. I believe 83 00:04:37,000 --> 00:04:39,599 Speaker 1: he hasn't been that low in eight years. Um. And 84 00:04:39,680 --> 00:04:42,880 Speaker 1: it really is because yes, there's the tech downturn, but 85 00:04:42,960 --> 00:04:46,359 Speaker 1: also just to pivot to the metaverse um, which he 86 00:04:46,600 --> 00:04:49,800 Speaker 1: is such a believer in. But it is not showing 87 00:04:49,839 --> 00:04:55,000 Speaker 1: any signs of turning a profit anytime soon. He's digging in. Um, 88 00:04:55,279 --> 00:04:59,000 Speaker 1: he's betting the house on it. You mentioned one political 89 00:04:59,080 --> 00:05:02,400 Speaker 1: leader of Vladimir Po. Was there any other political leader 90 00:05:02,480 --> 00:05:08,520 Speaker 1: who quite particularly lost a lot of money? Um, in 91 00:05:08,640 --> 00:05:13,080 Speaker 1: terms of political leader, that is a great question. Um. 92 00:05:13,080 --> 00:05:16,320 Speaker 1: We Well, I can talk about who definitely did not 93 00:05:16,400 --> 00:05:18,599 Speaker 1: lose money and who I reported quite a bit about. 94 00:05:18,640 --> 00:05:20,560 Speaker 1: But someone who gained quite a bit of money this 95 00:05:20,640 --> 00:05:23,480 Speaker 1: year were some of the auto crafts in the Gulf 96 00:05:23,600 --> 00:05:27,640 Speaker 1: in the Middle Eastern Gulf region. Wrote in particular about 97 00:05:27,640 --> 00:05:31,640 Speaker 1: the Nayan family above Dabby Um. Energy markets definitely turned 98 00:05:31,640 --> 00:05:34,719 Speaker 1: in their favor this year. They also have kind of 99 00:05:34,760 --> 00:05:38,080 Speaker 1: consolidated a lot of power with the Ukraine War. They're 100 00:05:38,160 --> 00:05:42,719 Speaker 1: richer than ever. Excellent, Thanks very much, Devon Devon Pendleton, 101 00:05:42,800 --> 00:05:45,599 Speaker 1: Bloomberg Wealth Reporter. We've been taking a look at some 102 00:05:45,640 --> 00:05:48,200 Speaker 1: of the losses and some of the gains of the 103 00:05:48,240 --> 00:05:52,360 Speaker 1: world's richest billionaires right across the globe.