HERE’S WHAT 2022 WAS LIKE FOR THE WEALTHIEST TECH ENTREPRENEURS
Good morning dear readers of Tecnogalaxy, today we will talk about 2022 of the big tech.
They’ve been pretty good decades for America’s top tech CEOs, because their brilliance has turned them into billionaires. But in 2022, things suddenly didn’t always go according to plan.
At the end of 2021, Mark Zuckerberg announced that Facebook was not dystopian enough for him: the company was changing its name to Meta and was racing at full speed into the metaverse, an imaginary world dependent on glasses, the oculus. A year later, while Zuckerberg kept screaming about virtual reality, Meta’s fortunes plummeted.
In February, Zuck’s company made history for the wrong reasons: its share price fell by 230 billion in one day, a record. Nine short months later, Zuckerberg told employees that he had misjudged the market: “I was wrong and I take responsibility”. He also fired 11,000 other people.
Zuck lost 30 billion on that fateful February day, but he may be able to recover with the 44.5 billion he still has.
Amazon announced layoffs, 10,000 jobs were cut. Bezos showed up at CNN to tell everyone that he would donate most of his then 124 billion with equity during his lifetime. One of those generous donations: of 100 million 0.08% of his wealth to Dolly Parton, to donate at will.
A series after embarrassing mistakes Bezos did not lose all his money as Zuck, he simply donated them to several associations including that of his wife.
In April, the richest man in the world, who has repeatedly shown he doesn’t understand the relationship between words, actions and consequences, made an offer to buy Twitter at 54.20 per share. When it started to look like the sale could really happen, Musk decided that he really didn’t want the site after all. But the company didn’t let him out of trouble and, after a legal battle, he finally went through with the purchase.
The attempt to create a Twitter 2.0 that no one had asked for, erased thousands of jobs; invented new rules and then deleted them, reinstated people like Marjorie Taylor Greene, Roger Stone, Donald Trump and Kanye West, even though he was banished again.
From the outside it looks like a catastrophe, but Musk still seems to enjoy doing what he does while remaining the richest person in the world.
At the beginning of the year, the future seemed rosy for Parag Agrawal. He had just become the new CEO of Twitter after receiving the board’s “unanimous” support.
Then came Musk, although at first the two had a friendly relationship, quickly deteriorated when they clashed over Elon’s purchase of the platform. When Musk wanted to investigate the extent of the Twitter bot problem. Musk finally executed the purchase of Twitter in October and immediately fired Agrawal.
Agrawal has lost his job, but so far he shows no clear indication that he will feel bad after earning $50 million.
2022 was the year when the long Theranos disaster finally reached its climax.
It all began in 2003, when Elizabeth Holmes founded the company; the following year she left Stanford. Like many other young students, he was chasing a dream: a dream to pretend to invent a really interesting technology and make a billion dollars. But almost 20 years after founding the company, Holmes started this year with a conviction for defrauding investors on his company’s alleged revolutionary blood test system.
Sam Bankman-Fried, arrived in late 2022 with his cryptocurrency exchange, FTX, which was on top of the world a few months earlier, posting ads during the Super Bowl and proudly showing his name in the Miami Heat arena. But in November, the company went bankrupt. A few weeks later, Bankman-Fried was arrested in the Bahamas and charged with what one prosecutor called “one of the biggest financial frauds in American history”.
This is all about the 2022 performance of the biggest tech entrepreneurs, in a forthcoming article.
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