Speaker 1: Let's get to our next guest, Devon Pendleton, Bloomberg Wealth Reporter.
Speaker 1: We wanted to take a look at some of the
Speaker 1: billionaires around the world and some of the huge losses
Speaker 1: that were racked up this year. We we know that
Speaker 1: stock stumbled and bonds stumbled, worst year ever for bonds
Speaker 1: and about down year for the SNP five. Among the
Speaker 1: names up there near the top of the list obviously
Speaker 1: Elon Musk and Jeff Bezos, and I would argue, maybe
Speaker 1: not in terms of the amount of money lost, but
Speaker 1: potential losses. You can probably put Sam Bankman Freed in
Speaker 1: there as well. Of course, that's the case that we'll
Speaker 1: go through the courts, and we have to wait and
Speaker 1: see if we say good morning to Devon Pendleton's our
Speaker 1: our wealth reporter to take a closer look at this, Devin,
Speaker 1: what are some of the shocking trends that happened this
Speaker 1: year that led to these big losses. Well, I think
Speaker 1: the overall, of course, the markets um coming down quite dramatically,
Speaker 1: especially if you compare it to one where everything was
Speaker 1: just so frosthly and surging. I mean that definitely kind
Speaker 1: of across the board. Relate took out some of the
Speaker 1: big names. A lot of the big big fortunes are
Speaker 1: very concentrated in the tech industry of course, Jeff Baso, Amazon,
Speaker 1: Mark Zuckerberg and Meta. But you also had some sort
Speaker 1: of outlier events here which kind of exacerbated the pain.
Speaker 1: Of course, you have, um, the war in Ukraine, which
Speaker 1: took a severe blow to the Russian fortunes. Not only
Speaker 1: were the markets down, the ruble depreciated, but you also saw,
Speaker 1: mean many of these very wealthy Russians, their assets are
Speaker 1: quite concentrated in the West. Um, they have a lot
Speaker 1: of property in London, they owned companies all over in
Speaker 1: the US, Europe, and the sanctions just I mean absolutely
Speaker 1: obliterated the value of those assets. Um. And this, of
Speaker 1: course Elon Musk not just Tesla being down, but also
Speaker 1: buying Twitter and taking a gamble there meant he had
Speaker 1: a lot of sell a lot of stock and also
Speaker 1: leveragiest desion which definitely added to his losses. Not everybody
Speaker 1: was a loser, and so Mr Rami come up and
Speaker 1: a rise. His rise seems at the moment on still Bob, Yes, definitely,
Speaker 1: I mean, got on Donnie is a fascinating story. Um.
Speaker 1: He was somewhere. I think he was in the twenties
Speaker 1: at the beginning of the year in terms of or
Speaker 1: so richest person in the world. He's now number three.
Speaker 1: He's the first Asian to rank in the top three
Speaker 1: richest people in the world. He's a cold tycoon. So
Speaker 1: um that's where he originally kind of made his fortune.
Speaker 1: And with the upheaval and the energy markets, suddenly Cole
Speaker 1: was kind of thrust from the back burner to being
Speaker 1: a very important asset that definitely burnished his fortune. And
Speaker 1: he's diversifying into everything, so he's not going anywhere in
Speaker 1: the year ahead. What was the most interesting dislocation that
Speaker 1: you saw either up or down in this past year,
Speaker 1: and with whom Donnie was certainly most interesting on the
Speaker 1: upward front. On the downward front, I mean, you can't
Speaker 1: you can't avoid talking about Sam Banking Fried. Of course,
Speaker 1: you know, the there's that question of was he worth
Speaker 1: anything at any point ever, But if you look at
Speaker 1: you know he was leveraging a fortune which at its
Speaker 1: peak um we estimated to be worth twenty six billion dollars,
Speaker 1: which was real in the sense that he had investors
Speaker 1: um piling money into FDx, he had clients putting money
Speaker 1: in there. He had a ton of um capital at
Speaker 1: his disposal she was throwing around. I mean, he was
Speaker 1: donating to politicians, He was propping up so many other
Speaker 1: cryptos as things started to hit the skids, and he
Speaker 1: was also buying huge steaks in public companies like Robin
Speaker 1: Hood so real or not. He was leveraging that fortune
Speaker 1: to huge effect and to have it just vaporized in
Speaker 1: the matter of a week. I mean, he went from
Speaker 1: sixteen billion dollars to zero in a matter of days.
Speaker 1: It's not something we've really ever seen before. It was
Speaker 1: shocking and really is going to have a knock on
Speaker 1: effect for years now. You mentioned the on Musk, but
Speaker 1: there was one man who really had a tough time
Speaker 1: of it, and some are blaming well nearly everybody's blaming
Speaker 1: those losses on his obsession, as some have put it
Speaker 1: on the so called metaverse. And we're talking of course
Speaker 1: Mark Zuckerberg. Yes, Mark Zuckerberg had a horrible year. He
Speaker 1: was down in terms of percentage wise, he was down
Speaker 1: more than anybody. He was done about sixty this year UM,
Speaker 1: which is a big fall for him. I mean, he's
Speaker 1: for years he's kind of been among the top five
Speaker 1: or eight richest people. He's now done in. I believe
Speaker 1: he hasn't been that low in eight years. Um. And
Speaker 1: it really is because yes, there's the tech downturn, but
Speaker 1: also just to pivot to the metaverse um, which he
Speaker 1: is such a believer in. But it is not showing
Speaker 1: any signs of turning a profit anytime soon. He's digging in. Um,
Speaker 1: he's betting the house on it. You mentioned one political
Speaker 1: leader of Vladimir Po. Was there any other political leader
Speaker 1: who quite particularly lost a lot of money? Um, in
Speaker 1: terms of political leader, that is a great question. Um.
Speaker 1: We Well, I can talk about who definitely did not
Speaker 1: lose money and who I reported quite a bit about.
Speaker 1: But someone who gained quite a bit of money this
Speaker 1: year were some of the auto crafts in the Gulf
Speaker 1: in the Middle Eastern Gulf region. Wrote in particular about
Speaker 1: the Nayan family above Dabby Um. Energy markets definitely turned
Speaker 1: in their favor this year. They also have kind of
Speaker 1: consolidated a lot of power with the Ukraine War. They're
Speaker 1: richer than ever. Excellent, Thanks very much, Devon Devon Pendleton,
Speaker 1: Bloomberg Wealth Reporter. We've been taking a look at some
Speaker 1: of the losses and some of the gains of the
Speaker 1: world's richest billionaires right across the globe.