AI stock rout: 9 tech titans took $150b wealth hit Thursday; Elon Musk alone lost $80b
Musk bears largest loss
Tesla shares dropped 11% and SpaceX shares fell 9%, leaving Elon Musk with the biggest reported hit to his net worth. His wealth declined by about $80 billion, or more than 9%, to $785 billion.
Nvidia chief Jensen Huang’s fortune fell around $15 billion, or 9%, to $151 billion as the chipmaker’s stock slid 9%. Meta’s Mark Zuckerberg lost nearly 4%, or about $8 billion, leaving him with $215 billion.
Other fortunes decline less
Alphabet cofounders Larry Page and Sergey Brin, along with Amazon founder Jeff Bezos, each saw losses below 2% or less than $5 billion. Alphabet and Amazon shares each fell a little more than 2%.
Despite Thursday’s losses, Musk remained up $312 billion. Bezos was up $100 billion, Dell was up $31 billion and Ballmer was up $13 billion.
Some shares rise premarket
Several of the executives could recover part of their losses, with Nvidia, SpaceX and Oracle shares higher in premarket trading as of 6:30 a.m. ET on Friday.
Key points
- The Nasdaq 100 fell more than 6%, its worst day since the COVID-19 pandemic.
- Musk’s wealth dropped about $80 billion to $785 billion as Tesla and SpaceX shares declined.
- Jensen Huang lost around $15 billion, while Mark Zuckerberg’s fortune fell about $8 billion.
- Nvidia, SpaceX and Oracle shares were higher in premarket trading at 6:30 a.m. ET Friday.