The global stock market slide wiped out billions of dollars from the net worths of the world’s richest people, as stocks tied to the planet’s most valuable companies, and the wealthiest billionaires,As the total market value of the magnificent seven big American technology companies—Amazon, Apple, Facebook parent Meta, Google parent Alphabet, Microsoft, Nvidia and Tesla—declined by more than $1 trillion, so did the net worths of the billionaires tied to the artificial intelligence-happy firms.
Nvidia CEO Jensen Huang was the second-biggest billionaire loser, as shares of his AI semiconductor chip juggernaut cratered about 7%, causing Nvidia’s largest individual shareholder Huang’s fortune to slip by $7.9 billion to $87 billion. Next was Meta CEO Mark Zuckerberg, whose net worth sank by $7 billion to $164 billion, followed by Oracle chairman Larry Ellison, whose fortune fell by $6 billion to $159 billion, and Tesla CEO and world’s richest man Elon Musk, whose net worth slid by $6 billion to $221 billion as shares in Tesla dove over 5%.
Billionaires tied to the other magnificent seven companies, who are less involved in daily operations, also registered massive paper losses: Google cofounders Sergey Brin and Larry Page both got more than $4 billion poorer, Microsoft cofounder Bill Gates and Microsoft ex-CEO Steve Ballmer suffered $3 billion and $4 billion losses, respectively, and Laurene Powell Jobs, widow of Apple cofounder Steve Jobs lost about $580 million.
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