Billionaires see wealth shrink amid last year’s stock crunchAFP, WASHINGTONThe fortunes of Silicon Valley billionaires took a beating last year as share prices of the world’s tech giants plummeted. Photo: REUTERSMusk largely financed his buyout of Twitter by selling off shares in Tesla, putting the share price into an even steeper downward spiral. Photo: REUTERSThe share price in Meta Platforms Inc, Facebook’s parent company, fell off a cliff last year. However, his fortune remains heavily tied to the online retail giant’s share price, which fell by more than 49 percent last year. Alphabet’s share price has declined 39 percent since January last year, punished by declining online advertising revenues, and increased competition from Apple and Amazon.
