Getting rich young is not as easy as it used to be. While their fortunes surged last year thanks to market momentum sparked by the pandemic, 2022 will see inflation and recession fears rock a variety of industries, most notably technology, and drive down the wealth of young billionaires. decreased.
Forbes released its 2022 Forbes 400 list on September 27, and only 10 billionaires under 40 made the list this year, down from 15 last year. While some have fallen out of this group due to their age, Coinbase co-founder Fred Ailesam, 34, said he was skeptical as the company’s stock price plummeted in the wake of the crypto market’s downturn. off this list.
And Baiju Bhatt, 37, co-founder of investment app Robinhood, lost billionaire status in January when the company’s stock plummeted 60% from its 2021 IPO price. He made his Forbes 400 debut last year with a net worth of $2.9 billion.
RJ Scaringe, 39, the founder and CEO of electric-vehicle maker Rivian, who held $3.4 billion last year, also lost billionaire status in March after the stock plunged. The company’s stock has fallen more than 60% since its IPO last November.
The only new debutant on this year’s list under the age of 40 is Gary Wang, 29, co-founder and CTO of cryptocurrency exchange FTX. He became the youngest member of this year’s list, replacing 30-year-old company co-founder Sam Bankman-Fried.
Below are the 10 members of the 2022 Forbes 400 under the age of 40, in order of age.
Scott Duncan (39) / Assets: $6.9 billion / 119th
source of wealth Pipeline
In 2010, his father, Dan Duncan, an oil tycoon in Texas, died, leaving his son Duncan at the age of 27. became a billionaire. Duncan and his three siblings each inherited a stake in Enterprise Products Partners, the Houston pipeline company his father founded in 1968.
Brian Armstrong (39) / Assets: $2.7 billion / #388
Source of Wealth: Cryptocurrency
Coinbase co-founder and CEO Armstrong has a cryptocurrency exchange with a market capitalization of approximately $60 billion. has plunged 75% from $15 billion to $15 billion, losing nearly $9 billion in assets over the past year. A former Airbnb engineer, he owns about 19% of the company he launched in 2012 at the age of 29.
Nathan Blecharczyk (39) / Assets: $7.7 billion / 93rd
Source of Wealth : Airbnb
Blecharczyk is the only one of Airbnb’s three co-founders still under the age of 40. He sold about 3.5% of his stake, or about $480 million, as the company’s stock fell nearly 30% over the past year.
Mark Zuckerberg (38) / Fortune: $57.7 billion / 11th
source of wealth: Facebook
Meta co-founder and CEO Zuckerberg’s fortune is down nearly $80 billion since last year, and he Dropped out of the Forbes 400 Top 10. Meta shares are down about 60% year-over-year.
Dustin Moskovitz (38) / Fortune: $8.1 billion / #83
Source of Wealth: Facebook
Facebook co-founder Moskovitz’s wealth comes from an estimated 2% stake in Meta. and a quarter are related to Asana, which he launched after leaving Facebook. He lost an estimated $16 billion in assets this year with Meta’s stock plummeting 60% and Asana’s plummeting 80%.
Lucas Walton (36) / Fortune: $20.5 billion / No. 29
Source of wealth: Walmart
The grandson of Walmart founder Sam Walton, Walton was born after his father, John T. Walton, died in a plane crash in 2005. , inherited a fortune that included an estimated 4% stake in Walmart. He pours his wealth into supporting social and environmental causes through his investment and philanthropy platform Builders Vision.
Bobby Murphy (34) / Assets: $ 2.7 billion / No. 388
Source of wealth: Snapchat
Evan Spiegel (32) / Assets: $ 2.8 billion / No. 380
Source of wealth: Snapchat
Snapchat co-founders Spiegel and Murphy have lost about 80% of their wealth over the past year, reflecting a drop in the company’s stock price. Snapchat’s ad revenue plummeted as the advertising industry slowed and Apple tightened privacy protections. CEO Spiegel announced in August that the company would lay off 20% of its workforce and discontinue at least six products.
Sam Bankman-Fried (30) / Assets held: $ 17.2 billion / 41st
Source of wealth: Cryptocurrency exchange FTX Bankman
-Fried owns about half of FTX. Forbes estimates he’s lost more than $5 billion since last year, but he’s faring better than other billionaires in the cryptocurrency space.
Gary Wang (29) / Assets: $4.6 billion / No. 227
Source of Wealth: Cryptocurrency exchange FTX
Former Google software engineer Wang lived with his college roommate at MIT, Bankman Freed. Launched FTX. He keeps a much lower profile than his co-founder.