"When it comes to the world's richest billionaires, tech founders litter the top of the list. AI has been heralded as a multi-trillion-dollar industry, catapulting many founders to extreme wealth; but now AI bubble fears and doubts over valuations have led to billions erased from CEOs' net worths overnight. For Larry Ellison, whose net worth has been hardest hit, that looks like a $59.2 billion loss since the year started-and we're only in February."
"After months of eyebrow-raising over software stocks and AI's impact on the sector, a selloff on Tuesday triggered billions to be wiped from the wealthiest's net worths. In the few days since then, Ellison has watched his wealth slide by $19 billion, according to current data from the Bloomberg Billionaires Index. Amazon founder Jeff Bezos' fortune has also dropped $14 billion since Tuesday, contributing to his $6.82 billion loss for the year so far."
"The Tuesday sell-off, turbocharged by Anthropic's new legal AI tool, also sent the already-dwindling fortunes of other software billionaires to tumble even harder. Following the broad selloff that saw the S&P 500 software and services index fall by nearly 4%, at least $62 billion was wiped from the net worths of the industry's wealthiest entrepreneurs so far this year, according to a Bloomberg analysis of its Billionaires Index."
Tech founders occupy the top ranks of global billionaires, driven by AI-fueled valuation gains and software stock rallies. Recent AI-related bubble fears and valuation doubts triggered a broad selloff that erased tens of billions from major CEOs' net worths. Larry Ellison's net worth has fallen about $59.2 billion since the start of the year and slid $19 billion in days following the selloff. At least $62 billion was wiped from software industry founders so far this year as the S&P 500 software and services index fell nearly 4%. AppLovin founders saw the largest relative declines, and Jensen Huang lost $7 billion since the selloff.
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