Tech stocks have fallen and fallen, and Musk and the other five tech billion people have lost a total of $67 billion

The turmoil in tech stocks and the plunge in cryptocurrencies have taken a hit on the world's richest people, whose worth has evaporated billions of dollars overnight.

Sina Finance reported on Monday (24th) that Tesla and SpaceX founder Elon Musk lost $25.1 billion, while Amazon's founder and former CEO Jeff Bezos's wealth shrank by $20 billion, Binance's Zhao Changpeng lost $17.7 billion, and Facebook's Mark Zuckerberg lost $10.4 billion. The wealth of the world's five largest tech billionaires has shrunk by a total of $67 billion.

It was the worst week for the stock market since the collapse of the pandemic began. Many large corporations have been hit hard, with Peloton's stock price falling below its IPO price and Netflix suffering its biggest drop in a decade. Meanwhile, chipmakers' stocks are struggling.

As of the close of trading on Friday (21st), the NASDAQ index, which is dominated by technology stocks, fell 7.6% for the week, the biggest decline since March 2020. It was also the fourth consecutive week of decline in the index, the longest decline in nine months.

With the Fed scheduled to meet on Tuesday and Wednesday, that means the U.S. has the prospect of raising interest rates. Investors want more guidance on the central bank's rate hike plans.

The value of cryptocurrencies also suffered this week, with Bitcoin falling to its lowest point in the past six months.

With investors losing hundreds of billions of dollars, the already dramatic collapse of the cryptocurrency market has become even more dramatic.

Over the past week, the price of Bitcoin has fallen by 16.8%. The losses of other cryptocurrencies are even greater. For example, the price of Ethereum has fallen by 25%.

For Bitcoin, this is already the start of the worst year in history. After hitting a record high of nearly $68,000 in November, it is now worth less than $35,000.