t’s already shaping up to be a tough year for tech. The Nasdaq Technology 100 Index hasn’t been able to sustain its pandemic-fueled highs,12% in 2022. A tech selloff in China has pushed Hong Kong’s Hang Seng Tech Index down 20% year to date. And, like the rest of the market, tech isn’t immune to investor worries about inflation and Russia’s invasion of Ukraine.estimates, 332 billionaires made their fortunes in the tech industry, down from 365 last year.
The cooling stock market is certainly hurting the tech industry, but there’s another explanation that partially explains the tech billionaire decline.changed its methodology for categorizing social media moguls, shifting people like Meta CEO Mark Zuckerberg and Snapchat cofounders Evan Spiegel and Bobby Murphy to media and entertainment instead of tech to better reflect how those companies are functioning.
But the biggest factor impacting the most tech billionaires: a regulatory crackdown on large tech companies in Beijing, which has hammered Chinese tech moguls. Last year, nine of the top 20 tech billionaires were from China. This year, it’s only three.
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