Elon Musk, along with three other billionaires – Jeff Bezos, Mark Zuckerberg, and Larry Ellison – have collectively lost $138 billion in net worth due to the decline in tech stocks. This downturn marks a significant shift for billionaire investors, particularly in the tech sector, where many saw their valuations soar to record highs in early 2024.
The main reason behind this turbulence is the rise of DeepSeek, a Chinese artificial intelligence firm, whose latest innovation, the R1 model, has sent shockwaves through the industry. DeepSeek’s low-cost, high-performance AI system has intensified competition, rattling dominant players like Nvidia and Meta.
Here are some key losses:
- Elon Musk: Lost nearly $90 billion, now worth $349 billion
- Mark Zuckerberg: Dropped from $243 billion to $232 billion
- Larry Ellison: Shed nearly $9 billion
- Nvidia CEO Jensen Huang: Lost over $20 billion, now worth $103 billion
Despite these significant losses, industry leaders remain confident in the long-term trajectory of AI and tech innovation. Elon Musk’s xAI is set to launch Grok 3, a chatbot rivaling ChatGPT, on Monday.
Source: Nairametrics
