Massive Losses for Global Billionaires: $108 Billion Evaporates in Tech Sell-Off
The global elite experienced a significant financial setback as the world’s 500 richest individuals, led by Nvidia co-founder Jensen Huang, collectively lost $108 billion due to a sharp sell-off in the technology sector.
This sell-off was triggered by the emergence of the Chinese AI firm “DeepSeek,” whose rise caused major indices, especially in the U.S., to plummet. Here’s a look at some of the biggest losers:
- Jensen Huang: Lost $20.1 billion.
- Larry Ellison (Oracle founder): Lost $22.6 billion, which is approximately 12% of his wealth.
- Michael Dell (Dell founder): Lost $13 billion.
- Changpeng Zhao (Binance founder): Lost $12.1 billion.
Together, tech giants saw a $94 billion reduction in wealth, representing about 85% of the losses recorded by Bloomberg’s Billionaires Index.
DeepSeek’s AI Assistant app has now surpassed its competitor, ChatGPT, to become the top-rated free app on the U.S. Apple Store. This development has sparked concerns that while U.S. companies have poured vast investments into AI development, their Chinese counterparts are offering comparably performing chatbot models at a fraction of the cost.
