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Nine Tech Billionaires Lose $150 Billion as AI and Chip Stocks Rout
Nine top tech billionaires lose just over $150 billion as AI and chip stocks rout on Thursday.
Key points
- The Nasdaq 100 posted a drop of more than 6%, its worst day since the COVID-19 pandemic.
- Tesla stock fell 11% and SpaceX stock fell 9%, with Elon Musk taking the biggest hit to his net worth.
- Larry Ellison's net worth fell by $10 billion to $158 billion after a 7% drop in Oracle stock.
Why it matters. Investors sold tech stocks on fears that Democrats could rein in AI and data-center spending, and several of these tech bosses were poised to recoup some losses on Friday in premarket trading.
The world's nine wealthiest tech titans saw just over $150 billion wiped from their fortunes on Thursday as the Nasdaq 100 plunged more than 6%, its worst day since the COVID-19 pandemic. Investors dumped tech shares, anticipating that Democrats, who won control of the House and Senate in the US midterm elections this week, would rein in AI and data-center spending. Elon Musk lost about $80 billion as Tesla stock tanked 11%, leaving his net worth at $785 billion.
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Nine Tech Billionaires Lose $150 Billion as AI and Chip Stocks Rout
The world's nine wealthiest tech executives saw just over $150 billion wiped from their combined fortunes in a single trading day. The losses came during a frenzied sell-off in artificial intelligence and chip stocks. Elon Musk's net worth fell by about $80 billion, or 9%, as Tesla and SpaceX shares tumbled. The Nasdaq 100 posted a drop of more than 6%, its worst day since the COVID-19 pandemic, and entered a correction. Investors sold technology stocks broadly as concerns about the sector's valuations intensified.