World's 500 richest lose $185 billion as tech stocks slide after US midterms
The world's 500 richest people saw their combined fortunes shrink by $185 billion amid a selloff in technology stocks following the November 3 US midterm elections, according to figures from the Bloomberg Billionaires Index.
Elon Musk, the founder of SpaceX and CEO of Tesla, recorded the largest decline, with his estimated wealth falling by $79.7 billion. Oracle co-founder Larry Ellison lost $10.1 billion.
Nvidia CEO Jensen Huang saw his fortune drop by $15.1 billion to an estimated $150.9 billion, pushing him from ninth to 13th place in Bloomberg's ranking of the world's richest people.
The declines coincided with a broader selloff in technology stocks. Nvidia shares fell 9.3%, their steepest single-day drop since January 2025.
Technology companies have been among the biggest beneficiaries of the artificial intelligence boom, with expectations of growing demand for AI infrastructure helping drive their valuations higher.
The market losses followed US midterm elections in which Democrats won control of the House of Representatives, according to preliminary results. President Donald Trump said he was prepared to work with Democrats despite his party's electoral setbacks.
The timing of the selloff does not, on its own, establish that the election results caused the decline in billionaire wealth.