9 tech titans took a $150 billion wealth hit during Thursday's AI stock plunge — with Elon Musk alone losing $80 billion
Elon Musk's net worth tumbled by about $80 billion or 9% in one day as Tesla and SpaceX tumbled, and several of his tech peers took wealth hits too.
On Thursday, the top nine tech executives suffered a staggering $150 billion loss in wealth due to a sell-off in AI and chip stocks. Elon Musk, the world's richest person, experienced the most significant drop, with his net worth plummeting by over $80 billion, a 9% decrease that brought Tesla and SpaceX shares down by 11% and 9%, respectively. The combined fortunes of these nine tech titans dropped by more than $152 billion in a single day.
Michael Dell, Jensen Huang, and Larry Ellison followed closely behind in terms of wealth losses. Dell Technologies stock tumbled by 15%, causing Dell's net worth to fall by over $19 billion, while Nvidia's stock dipped 9% and Larry Ellison's Oracle stock declined by 7%. The Nasdaq 100, which tracks the performance of 100 large-cap technology stocks, fell more than 6% and hit its worst single-day decline since the COVID-19 pandemic.
While several of these tech leaders saw declines of less than 2%, their overall wealth remained higher than it was a year ago, thanks to the AI stock boom. Musk's fortune, for instance, was still up by $312 billion, while Bezos, Dell, and Ballmer all saw their net worth increase by at least $5 billion. However, Ellison's net worth dropped by $152 billion, marking a 49% decrease, and Huang's wealth fell by about $19 billion or 11%.
Zuckerberg's wealth, on the other hand, declined by nearly $8 billion, or 4%, making him one of the few tech executives in the red for the past year.
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