Australian tech titans Mike Cannon-Brookes and Scott Farquhar have seen a whopping $20 billion wiped from their combined fortunes as shares in their company Atlassian fall by nearly 50 percent in a year.
It comes as magnates in old-fashioned industries such as real estate, manufacturing and mining climbed the Rich List ranks after their companies posted record profits.
The founders of Atlassian, who founded the office software company in 2002, have spent the past year pursuing investments in renewable energy and buying prime real estate in Sydney.
Mike Cannon-Brookes, (pictured left) has an estimated fortune of $16.1 billion, just ahead of his Atlassian co-founder Scott Farquhar (pictured right) at $15.6 billion. in 2021, the couple had an estimated net worth of $23.7 billion each
Australia’s top 10 richest people, according to the Australian newspaper’s Rich List
Their company’s shares are down 45 percent after it posted disappointing results in an unforgiving global market for technology companies earlier this year.
It comes after the company announced that 500 full-time employees – or 5 percent of its workforce – will be laid off within six months amid an economic hub that has significantly impacted the industry.
The couple have dropped to sixth and seventh on the list of Australia’s 250 richest people, as compiled by The Australian.
Mr. Cannon-Brookes, 43, has an estimated fortune of $16.1 billion, just ahead of his co-founder, Mr. Farquhar, 43, at $15.6 billion.
In 2021, the couple had an estimated net worth of $23.7 billion each.
Last month, Mr Farquhar and his wife Kim Jackson, an investment banker, bought a mansion in Sydney for an eye-watering $130 million.
Known as Uig Lodge, the sprawling 3,300m² four-bedroom property at the top of Point Piper, in Sydney’s eastern suburbs, is inspired by the castle home of a Scottish baron.
It cost more than co-founder Cannon-Brookes’ property in Point Piper, Fairwater, which he bought in 2018 for $100 million.
Other tech companies have also taken a hit with Melanie Perkins and Cliff Obrecht, owners of graphic design firm Canva, seeing $5 billion cuts in their paper wealth.
Mr Farquhar (left) and his wife Kim Jackson (right), an investment banker, recently purchased a Sydney mansion for an eye-watering $130 million
Known as Uig Lodge, the house covers 3,300 square feet and sits on a high vantage point that offers some of the best views of Sydney Harbor
Mining tycoon Gina Rhinehart is the richest person in Australia with an estimated fortune of $37.1 billion, narrowly beating other resource industry giants such as Andrew Forrest and Clive Palmer.
Much of Ms. Rinehart’s wealth is due to the recent success of her massive Roy Hill mine which exports more than 60 million tons of iron ore and Hancock Prospecting which turned in a massive $5.8 billion profit in 2022.
“If mining is doing well, Australia is doing well,” Ms Rinehart said at the unveiling of a huge $3.2 billion net profit for Roy Hill.
“Again, the significant contribution Roy Hill and mining in general make to the country has been highlighted: creating jobs and opportunities, driving the economy through Covid and contributing to health, defence, policing, our elderly , infrastructure and more.’
Forrest, the executive chairman of Fortescue Metals Group, is second on The List with $35.21 billion in assets. Shares of his company are up 7 percent since January.
Cardboard box maker Anthony Pratt and real estate magnate Harry Triguboff come in third and fourth on The List this year, proving there’s still plenty of money to be made in old-fashioned industries like real estate, mining and manufacturing.
Pratt, who only owns Pratt Industries in the US and Visy with his two sisters Heloise Pratt and Fiona Geminder in Australia, has an estimated net worth of $27.87 billion.
Meanwhile, former politician and mining magnate Clive Palmer ranks fifth with an estimated net worth of $20.4 billion.