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Global stock market turmoil wiped billions from top billionaires’ fortunes. Meta CEO Mark Zuckerberg saw his net worth drop by $29 billion as AI spending worries hit investors. Elon Musk, Larry Ellison, and Jeff Bezos also faced significant losses.
Mark Zuckerberg Suffers the Biggest Blow
New Delhi: Thursday was not a good day for the world's billionaires. According to the Bloomberg Billionaires Index, the net worth of 17 of the world's top 10 richest people decreased, largely due to a sharp decline in the stock market.
The biggest impact was felt by Meta Platforms CEO Mark Zuckerberg. Following a more than 11% drop in the company's shares, Zuckerberg's personal wealth decreased by $29.2 billion (approximately ₹25,88,50 crore).
His total net worth is now $235 billion, and he has slipped from third to fifth place on the list of the world's richest people.
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This decline came after Meta announced that it would be investing heavily in its AI projects and data infrastructure. The company stated that its capital expenditure could reach $118 billion this year—a figure that worried investors. Several analysts subsequently downgraded Meta's stock rating, leading to a sell-off in shares.
Elon Musk, the world's richest person, also took a hit. His wealth decreased by $15.3 billion, bringing his net worth down to $457 billion.
Meanwhile, Oracle founder Larry Ellison lost $19.8 billion, but with a net worth of $317 billion, he still remains in second place.
Amazon founder Jeff Bezos lost $6.6 billion, while Google co-founder Larry Page gained $5.31 billion. With this gain, Page has now moved up to fourth place on the list of the world's richest people. His net worth has reached $244 billion, only slightly less than Bezos's $246 billion fortune.
Meta's shares had risen 28% so far this year, adding $57 billion to Zuckerberg's wealth. But the announcement of increased AI spending and further future expenditures rattled the market.
Investors fear that such massive spending will put pressure on the company's profit margins, leading many large investors to begin taking profits.
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This decline shows that the stability of the tech industry has become dependent on AI investment and market sentiment. If Meta's or other tech companies' spending gets out of control, we may see more such shocks to the fortunes of billionaires.
