Monday proved to be a harsh day for billionaires worldwide, as a massive market selloff wiped out a staggering $201.9 billion from the collective net worths of the world’s 2,713 billionaires in less than 24 hours.
The turmoil began in Asia, where Japan’s Nikkei index plummeted by 12%—its worst trading day since the infamous ‘Black Monday’ in 1987. Contributing factors included rising interest rates and a stronger yen against the U.S. dollar. Masayoshi Son, the founder and CEO of Tokyo-based SoftBank Group, experienced a significant financial hit, losing $4.6 billion, or nearly 16% of his net worth. Son’s SoftBank shares plunged nearly 19% on Monday and over 30% since their peak in July. Germany’s Ralph Dommermuth, CEO of United Internet, was the biggest loser percentage-wise, with his fortune declining by nearly 17%, equating to a $400 million loss. Tadashi Yanai, the founder of Uniqlo, also faced a substantial loss of $3.3 billion in a single day.
In terms of dollar amounts, India’s Gautam Adani and Indonesia’s Prajogo Pangestu each saw their fortunes diminish by $4.8 billion. Adani’s conglomerate spans ports, airports, power generation, and green energy, while Pangestu’s interests lie primarily in petrochemicals and renewable energy.
U.S. tech billionaires bore the brunt of the losses as major U.S. indexes plummeted. The Nasdaq, heavily weighted with tech stocks, dropped 3.43%, extending its fall into the 10% correction territory it had entered on Friday. The S&P 500 also fell by 3%, driven by a weak jobs report that revealed higher unemployment and fewer new jobs than anticipated. Recent disappointing earnings reports further eroded investor confidence, contributing to a 10% drop in Bitcoin and a decline in fintech stocks. Overall, American billionaires lost a combined $84 billion.
Jeff Bezos, Amazon’s Chairman and co-founder, suffered the most significant single-day loss in dollar terms, with his fortune dropping from $187.1 billion on Friday to $180.7 billion on Monday—a $6.4 billion hit. This followed a $15 billion, or 7%, decline on Friday, prompted by second-quarter revenue that fell short of expectations and weak projections due to increased AI spending. Oracle’s chairman and co-founder, Larry Ellison, had the second-largest single-day loss, down $6.2 billion, as Oracle shares—comprising the bulk of his wealth—fell by 4%.
Billionaires behind the “Magnificent 7” stocks (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla) ranked among the top American losers of the day, collectively shedding $38.5 billion. This massive selloff underscores the volatility and risks inherent in the tech sector and the broader global economy.
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