Nine Tech Tycoons Lose $150 Billion as AI Stocks Plunge; Musk Loses $80 Billion
Published
On November 6, shares, mainly of AI-related companies, were heavily sold off, sharply reducing the fortunes of nine of the world's wealthiest tech industry figures. The combined decline in the nine people's wealth exceeded $150 billion, which is about 23.7 trillion yen when converted into Japanese yen.
Because of this selloff, the value of each person's shareholdings fell all at once. The most heavily affected was Elon Musk, who runs an electric vehicle company and a space development company, among others. Musk alone lost $80 billion in wealth, the largest loss among the nine.
Much of the wealth of these billionaires is held in shares of companies they run or own. As a result, when share prices move sharply in a short period, the amount of their wealth changes significantly as well. Expectations for AI technology have been high, and the share prices of related companies had risen sharply in recent years. This sudden drop may also indicate that market views have shifted.
The decline in share prices has had a major impact on the valuation of wealth across the technology industry as a whole. Because stock markets are connected around the world, the future movements of the market are also important for Japanese investors. Attention continues to focus on share price trends and announcements from each company.
Sources: Business Insider Japan
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