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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.