The Dow Jones tumbled by 1,000 points on Monday and the S&P 500 had its worst day since 2022, all of which resulted in billions lost from portfolios owned by the world's most prominent billionaires, as well as the seven biggest tech giants: Amazon, Apple, Meta, Alphabet, Microsoft, Nvidia and Tesla. Collectively, they have lost well over a trillion dollars.
Forbes Magazine suggests the biggest loss was incurred by Amazon CEO and part-time astronaut Jeff Bezos. Amazon lost about 5% of its value, translating to about $8 billion in loss, which means Amazon is now worth $179 billion.
The second biggest loss was Nvidia. CEO Jensen Huang lost $7.9 billion, resulting from the company shedding 7% of its value. Meta CEO Mark Zuckerberg lost $7 billion, Oracle CEO Larry Ellison lost $6 billion and the world's richest man, Elon Musk, is now $6 billion "poorer" after Tesla lost about 5% of its value.
Google founders Sergey Brin and Larry Page each lost over $4 billion. Bill Gates, former "world's richest man" title holder, and Steve Balmer, lost $3 billion and $4 billion respectively. Laurene Powell Jobs, widow of late Apple maestro Steve Jobs, lost $580 million.
But it wasn't just tech that suffered. Investment icon Warren Buffett lost $4 billion. Bernard Arnault, CEO of luxury brand LVMH, lost $3 billion. Indian business mogul, Mukesh Ambani, lost $4 billion.
The sell-off in the markets was nothing short of a global rout. Japan's Nikkei index had its worst day in nearly four decades, plummeting 12%. Europe's Stoxx 600 shed more than 2%, while the U.S. S&P 500 tumbled over 3%. These sharp declines underscore mounting fears over global economic growth.
Yet, it's crucial to remember that these are merely "paper losses," and volatility is a fundamental aspect of the stock market. This was evident already on Tuesday morning, with most exchanges showing rebounds from the previous day's downturn.
Monday's turmoil, however, underscores the intricate link between capital markets and the fortunes of the world's wealthiest individuals. It serves as a stark reminder of how dramatically market swings can impact the net worth of the ultra-rich.