At the start of the year, the world’s wealthiest individuals were seeing their fortunes soar, with an estimated $10 billion in daily gains throughout January. However, a month later, the rally has sharply reversed, wiping out a combined $138 billion from the net worths of Elon Musk, Jeff Bezos, Mark Zuckerberg, and Larry Ellison.
The downturn signals a major shift, particularly in the tech sector, where billionaire investors had enjoyed record valuations. Now, market volatility—driven in part by the rise of a disruptive new AI firm—is eroding those gains at an unprecedented pace.
According to the Bloomberg Billionaires Index, the losses have been widespread. Musk, who started February with an estimated $433 billion, now stands at $349 billion. Zuckerberg’s net worth dropped from $243 billion to $232 billion, while Oracle chairman Larry Ellison has lost nearly $9 billion.
A key driver of the turmoil is DeepSeek, a Chinese AI company whose latest innovation, the R1 model, has shaken the industry. The firm’s high-performance, low-cost AI system has intensified competition, rattling major players like Nvidia and Meta.
Nvidia has been hit hardest, losing $600 billion in market value as investors reacted to DeepSeek’s rapid rise. CEO Jensen Huang, once among the world’s wealthiest executives, saw his fortune drop by $20 billion to $103 billion. The fallout extended to other tech leaders—Ellison’s wealth fell by $27.6 billion after Oracle’s stock plunged 14%, while Michael Dell, Larry Page, and Google investor Andreas von Bechtolsheim also saw significant declines.
Despite the losses, these declines represent only a fraction of the billionaires’ vast fortunes. Even after shedding nearly $90 billion this year, Musk remains the world’s richest person.
Industry leaders continue to express confidence in AI’s long-term potential. Nvidia’s Huang acknowledged DeepSeek’s disruptive impact, calling its open-source model a “breakthrough” that has “ignited global enthusiasm.” While competition in AI is intensifying, tech giants remain committed to innovation, betting on future growth despite current market volatility.
