It’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, dipping 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.
According to Forbes’ estimates, 332 billionaires made their fortunes in the tech industry, down from 365 last year. It has the third-most billionaires in the world, behind finance and investments, with 393 billionaires, and manufacturing, with 337 billionaires.
The cooling stock market is certainly hurting the tech industry, but there’s another explanation that partially explains the tech billionaire decline. Forbes 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.