Thursday was a terrible day for tech bosses.
Due to a sharp sell-off in AI and chip stocks, the world's nine wealthiest tech giants lost a total of just over $150 billion in wealth within a single day.
The Nasdaq 100 index fell into a correction zone, with a single-day decline of over 6%, marking the worst day since the start of the COVID-19 pandemic. Investors sold off tech stocks after the U.S. midterms, as they anticipate that the Democratic Party, upon gaining control of both the House of Representatives and the Senate this week, will tighten restrictions on AI and data center spending.
Elon Musk's net worth was hit the hardest. Tesla's stock price plummeted by 11%, and the stock price of SpaceX fell by 9% on the same day. The wealth of this world's richest man shrank by about $80 billion, a decrease of over 9%, to $785 billion.
Michael Dell's net worth also fell by more than 9%. With the stock price of Dell Technologies plummeting by 15%, his wealth decreased by about $19 billion to $190 billion.
NVIDIA CEO Jensen Huang's wealth has shrunk by 9%, approximately $15 billion, to $151 billion, due to a 9% decline in the stock price of this AI chip manufacturer.
Larry Ellison of Oracle's net worth fell by 6%, reducing to $158 billion, which is related to a 7% decline in Oracle's stock price.
Their peers did not experience such a sharp decline. Mark Zuckerberg of Meta saw his net worth fall by nearly 4%, approximately $8 billion, to $215 billion.
Former Microsoft CEO Steve Ballmer's net worth has dropped by 3%, to about $6 billion, to $188 billion, due to a 4% decline in Microsoft's stock price.
The wealth of co-founders Larry Page and Sergey Brin of Alphabet, as well as Amazon founder Jeff Bezos, has decreased by less than 2%, or by less than $5 billion, because the stock prices of Alphabet and Amazon have both fallen by slightly more than 2%.
In total, these nine tech leaders saw a reduction of $152 billion in their wealth within a single day. However, it is worth noting that as of the close on Thursday, they were still among the top 15 wealthiest individuals in the world, and due to the historic prosperity of AI, many of them are even richer than they were 12 months ago.
Elon Musk's wealth has still increased by $312 billion compared to a year ago. Jeff Bezos' wealth has increased by $100 billion, Dell's by $31 billion, and Steve Ballmer's by $13 billion.
However, Ellison's net worth has decreased by $152 billion over the past 12 months, a reduction of 49%; Jensen Huang's net worth has decreased by about $19 billion, a decrease of 11%. Zuckerberg has also been in a loss-making state over the past 12 months, while the wealth of Page and Brin has increased by less than 1%.
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