Wednesday, May 22, 2024

It has been a troublesome yr to be a tech billionaire, in keeping with The Australian’s listing of the wealthy


Spare a thought for the nation’s tech billionaires while you learn at The Australian’s annual listing of the nation’s 250 richest individuals tomorrow.

2022 wiped billions from their wealth, whereas the old-school titans continued to make a motza digging up stuff, constructing residence blocks and turning bushes into packing containers.

Twelve months after the tech billionaires behind Canva and Atlassian stormed into the highest 10 richest Australians, Atlassian’s Mike Cannon-Brookes and Scott Farquhar have adopted their firm’s share value south (as additionally they often offload parcels of them), with a mixed $20 billion wiped from their private wealth. Additionally they fell down the rankings from 4th and fifth final yr to sixth and seventh in 2023 – simply behind the bellicose Queensland miner and would-be politician Clive Palmer.

The Australian places Cannon-Brookes’ private wealth in 2023 at $16.1 billion (down from $26.2bn in 2022) and Farquhar at $15.6bn (2022: $25.99bn)

Canva’s married cofounders Cliff Obrecht and Melanie Perkins, noticed round $5.8 billion vanish from their mixed wealth following after the privately owned, enterprise had its valuation slashed 36% by its enterprise capital backers to US$25.6 billion (A$37bn). They’ve fallen from eighth place final yr to scrape into the highest 10 at tenth with $10.1bn, down from $15.89bn final yr

The duo personal 30% of the enterprise and pledged to provide away nearly all of their fortune.

In the meantime, Hancock Prospecting’s Gina Rinehart is as soon as once more Australia’s wealthiest particular person with $37.1bn, with an additional $6.5bn topping up the piggy financial institution over the past 12 months.

Fellow WA miner and tech investor Dr Andrew Forrest is as soon as in second place along with his fortune rising round $4.5 billion in a yr to $35.2bn.

Rounding out the highest 5, all with extra money than final yr, are packing containers baron Anthony Pratt with $27.9bn, residence builder Harry Triguboff of Meriton fame with $23.6bn and the nation’s main political advertiser and litigant, Clive Palmer, with $20.4bn.

However the subsequent era of tech has made its mark on The Record 2023, with Ed Craven, the 27-year-old cofounder of the six-year-old on-line crypto playing startup Stake.com (to not be confused with the listed firms investing app stake.com.au) cracking the Richest 250 with a $2bn fortune.

Mockingly, Stake.com’s playing licence prevents its sports activities betting and on line casino platform being utilized by Australian gamers.

The combo of NFTs (non-fungible tokens) and gaming (however not playing) has additionally additionally been profitable for the brother Ferguson, James and Robbie, cofounders of Immutable.

A $280 million Collection C increase backed  world VCs Temasek and Tencent at a $3.5 billion valuation 12 months in the past catapulted them onto the listing with an estimated wealth of $750 million, with youthful brother Robbie the youngest particular person to make the listing.

The Record: Australia’s Richest 250 options in The Australian this Friday, March 24.



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