Australian tech titans Mike Cannon-Brookes and Scott Farquhar have seen a whopping $20billion wiped from their combined fortunes as shares in their company Atlassian plunged by almost 50 per cent in a year.
It comes as magnates in old-fashioned industries like property, manufacturing and mining climbed up the Rich List ranks after their companies posted record profits.
The Atlassian founders, who started the office software company in 2002, have spent the last year pursuing renewable energy investments and buying prime real estate in Sydney.
Mike Cannon-Brookes, (pictured left) has an estimated fortune of $16.1billion, just ahead of his Atlassian co-founder Scott Farquhar (pictured right) on $15.6 billion. in 2021, the pair had an estimated net wealth of $23.7billion each
Australia’s top 10 richest people, according to The Australian newspaper’s Rich List
Shares in their company have fallen 45 per cent after it posted disappointing results earlier this year in a brutal global market for tech firms.
It comes after the company announced 500 full-time employees – or 5 per cent of its workforce – will be made redundant within six months amidst an economic downtown that has significantly affected the industry.
The pair have fallen to sixth and seventh on the list of Australia’s top 250 richest people, as compiled by The Australian.
Mr Cannon-Brookes, 43, has an estimated fortune of $16.1billion, just ahead of his co-founder Mr Farquhar, 43, on $15.6 billion.
In 2021, the pair had an estimated net wealth of $23.7billion each.
Last month, Mr Farquhar and his investment banker wife Kim Jackson snapped up a Sydney mansion for an eye-watering $130million.
The sprawling 3,300sqm, four bedroom property at the top of Point Piper, in Sydney’s eastern suburbs, is known as Uig Lodge and was inspired by the castle home of a Scottish baron.
It cost more than co-founder Mr Cannon-Brookes’ own Point Piper property, Fairwater, which he bought in 2018 for $100million.
Other tech firms have also taken a hit with Melanie Perkins and Cliff Obrecht, owners of graphic design firm Canva, seeing $5bn cut from their paper wealth.
Mr Farquhar (left) and his investment banker wife Kim Jackson (right) recently snapped up a Sydney mansion for an eye-watering $130million
The house, known as Uig Lodge, spans 3,300 square-metres and sits on a high vantage point that provides some of the best views of Sydney Harbour
Mining Magnate Gina Rhinehart is the richest person in Australia with an estimated $37.1 billion fortune, narrowly beating other resource industry giants like Andrew Forrest and Clive Palmer.
Much of Mrs Rinehart’s wealth is thanks to the recent success of her massive Roy Hill mine that exports more than 60million tonnes of iron ore and Hancock Prospecting, which delivered a bumper profit of $5.8billion in 2022.
‘When mining does well, Australia does well,’ Mrs Rinehart said when recently unveiling a huge $3.2bn net profit for Roy Hill.
‘Once again, the significant contribution Roy Hill and mining in general makes to the country has been highlighted – creating jobs and opportunities, powering the economy through Covid and contributing to health, defence, police, our elderly, infrastructure and more.’
Forrest, the executive chairman of Fortescue Metals Group is second on The List with $35.21bn in wealth. Shares in his company have risen 7 per cent since January.
Cardboard box manufacturer Anthony Pratt and property tycoon Harry Triguboff come third and fourth on The List this year proving there is still plenty of money to be made in old-fashioned industries like property, mining and manufacturing.
Pratt, who solely owns Pratt Industries in the US and Visy with his two sisters Heloise Pratt and Fiona Geminder in Australia, has an estimated fortune of $27.87bn.
Meanwhile, former politician and mining magnate Clive Palmer ranks fifth with an estimated fortune of $20.4billion.
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