Billionaire deck reshuffle amid tech rout
Shafaq News/ Global billionaires experienced a tumultuous week as a tech-led selloff sent shockwaves through financial markets. The combined wealth of the world's richest individuals plummeted by nearly $200 billion on Monday alone before partially recovering as investors reassessed their portfolios.
Japan's stock market bore the brunt of the downturn, losing approximately $1.1 trillion in market capitalization over just three trading sessions, according to Bloomberg data. As a result, Japan’s total market capitalization settled at around $6.1 trillion.
The tech sector was particularly hard hit as investors re-evaluated valuations that had been inflated by the AI boom. Analysts viewed the correction as an opportunity to purchase quality stocks at more reasonable prices.
Despite the broad market downturn, Meta Platforms CEO Mark Zuckerberg emerged as a notable winner, adding $10 billion to his net worth. This surge propelled him to the third spot on the global wealth rankings, narrowly surpassing Europe’s richest man, Bernard Arnault. Zuckerberg's wealth now stands at $184 billion, while Arnault's increased by $2 billion.
In contrast, Tesla CEO Elon Musk saw his fortune dip to $229 billion from $235 billion a week earlier. Amazon founder Jeff Bezos also experienced losses, shedding $3 billion to bring his net worth to $190 billion. Microsoft co-founders Bill Gates and Steve Ballmer lost $2 billion and $1 billion, respectively. Google co-founders Larry Page and Sergey Brin each saw their wealth decline by $3 billion.
Warren Buffett, the CEO of Berkshire Hathaway, bucked the trend, adding $1 billion to his net worth during the turbulent week. Buffett's move to offload a significant portion of his Apple stake had initially triggered the tech selloff.
Despite the market volatility, concerns about a US recession, and impending policy shifts by central banks in Japan and the US, many billionaires have seen their fortunes soar this year. Zuckerberg, Nvidia's Jensen Huang, and Oracle's Larry Ellison were among those who reached new wealth peaks in July.
