Tech Billionaires Face Massive Losses Amid Market Turmoil

USUnited States|

In a stark reversal of fortunes, tech billionaires, including Elon Musk and Jeff Bezos, have lost a combined total of $138 billion over the past month, according to the Bloomberg Billionaires Index. This dramatic shift follows a period in January when billionaires saw their net worth swell by approximately $314 billion, averaging gains of $10 billion per day. However, the start of February has brought significant losses.

Elon Musk's wealth has plummeted from $433 billion to $349 billion, and Mark Zuckerberg's net worth has dropped from $243 billion to $232 billion. Notably, a substantial factor contributing to these losses is the rise of DeepSeek, a low-cost AI competitor that has precipitated a sell-off of stocks in major tech firms like Nvidia, resulting in a staggering $600 billion loss in market value for the company. Nvidia CEO Jensen Huang acknowledged the disruptive innovation, noting that it has sparked global enthusiasm despite the financial fallout.

Overall, the financial landscape for the ultra-wealthy continues to shift dramatically, highlighting the volatility inherent in the stock market and technology sector.

Weekly Newsletter

Loading...

More from United States

Cybersecurity Professor and Wife Disappear Amid FBI Raids on Their Homes

Xiaofeng Wang, a prominent cybersecurity professor at Indiana University, and his wife, Nianli Ma, have mysteriously vanished following FBI raids at their residences in Bloomington and Carmel, Indiana. Local news reports indicate that agents spent several hours searching the homes, removing boxes of evidence and questioning individuals present. The FBI confirmed it conducted court-authorized activities but has not commented further on the nature of the investigation, according to a spokeswoman. In addition to the raids, both Wang's and Ma's profiles were quietly removed from the Indiana University website, raising concerns among colleagues. Wang, who has a significant track record in cryptography and data privacy, has reportedly not been heard from for at least two weeks, prompting growing unease within the academic community. Matthew Green, a fellow researcher, described the events as “not normal” on social media. Officials from the university did not provide clarity on their employment status or the circumstances leading to the FBI's actions. The couple's current whereabouts remain unknown.
USUnited States

Scientists Discover Light from an Ancient Galaxy Defying Cosmic Expectations

Researchers utilizing the James Webb Space Telescope have detected unexpected emissions from a galaxy, JADES-GS-z13-1, which existed just 330 million years after the Big Bang. This finding challenges prevailing theories, as the universe was thought to be opaque due to neutral hydrogen, which should have absorbed light at that early time. The study, published in the journal Nature, suggests the galaxy’s Lyman-alpha emissions indicate it may be a prolific source of ionizing photons. NASA and ESA scientists propose that either hot stars, known as Population III stars, or an active supermassive black hole in the galaxy's core could be responsible for creating localized areas of early reionization, allowing the light to escape into the observable universe. However, uncertainties remain as the predicted stellar mass of JADES-GS-z13-1 is insufficient to support the hypothesis of Population III stars. The researchers continue to investigate, eager to understand the origins of this cosmic phenomenon.
USUnited States

Trump Issues Stark Warning to Iran Amid Rising Tensions

U.S. President Donald Trump has issued a stark warning to Tehran, suggesting military action may be on the table if Iran continues its aggressive behavior. During a recent press conference, Trump stated, "If they dare to commit any further acts of aggression against the United States, we will respond with unimaginable force." This statement underscores escalating tensions between the two nations, particularly following Iran's recent activities in the Persian Gulf. According to officials, the U.S. has been closely monitoring Iran's military maneuvers, which have raised concerns regarding the potential for conflict. The Iranian government has yet to respond to Trump's latest remarks, but has consistently maintained that their military actions are defensive. Analysts note that Trump's threatening rhetoric may further strain diplomatic relations, complicating ongoing negotiations over Iran's nuclear program. The situation remains fluid, with many on both sides wary of the possibility of open conflict. As international observers call for restraint, the geopolitical landscape continues to grow increasingly tumultuous.
USUnited States