Elon Musk, CEO of Tesla and SpaceX, leads the list of people who lost money, according to the Bloomberg Billionaires Index. The world's richest man has lost $132 billion, or 30% of his fortune, in the past 10 weeks after Tesla shares fell 45%.

Amazon's Jeff Bezos, Oracle's Larry Ellison, Dell Technologies' Michael Dell and Nvidia's Jensen Huang have all lost more than $20 billion in net worth this year as their stocks have plunged. Amazon and Oracle shares are down about 11% each, while Dell and Nvidia have fallen more than 20%.

Alphabet co-founders Larry Page and Sergey Brin each lost about $18 billion and $17 billion, respectively, this year after shares of Google's parent company fell 12 percent. Billionaire Steve Ballmer lost about $13 billion as Microsoft shares fell 10 percent.

The net worth of eight tech titans fell by $64 billion on Monday alone as the Nasdaq Composite fell 4%, its biggest one-day drop since 2022.

Jeff Bezos
Amazon's Jeff Bezos. Photo: BI

The sell-off was sparked by Mr Trump's warning in an interview with Fox News that there would be a "transition period" for the US economy .

The US president did not rule out the possibility of a recession when asked if he expected one this year. Mr Trump's focus is on strengthening America and achieving long-term prosperity.

Trump’s sweeping economic agenda focuses on leveling U.S. trade relations through tariffs, immigration restrictions, deregulation, tax cuts and shrinking the federal government . His policies have stoked fears of inflation and raised fears of a recession.

The increased uncertainty has eased concerns around AI, which had driven tech stocks and the broader market to record highs this year.

According to Bloomberg's rich list, the world's 16 richest people have a net worth of more than $236 billion less than at the beginning of January.

Meanwhile, Microsoft's Bill Gates and Meta's Mark Zuckerberg are still up $4-5 billion for the year. The Facebook co-founder lost $9.5 billion in assets in a day, second only to Musk's shocking $29 billion loss.

Three other billionaires on the list saw their fortunes increase by 2025 due to their reduced exposure to technology. Berkshire Hathaway's Warren Buffett is up about $14 billion, while LVMH's Bernard Arnault and Inditex's Amancio Ortega are up between $6 billion and $7 billion.

By 2024, billionaires have made a lot of money. The top 10 billionaires at the end of December 2024 made more than $500 billion in the year and have a combined net worth of $2 trillion – the same as Amazon or Alphabet.

(According to BI)

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