The Nasdaq 100 Index fell 2.4% on Friday, wiping at least $1 billion from the net worth of each of the world's top 10 richest individuals, with tech billionaires collectively losing $68 billion.
Jeff Bezos lost nearly $16 billion in a day, the third-largest drop for him, leading to a net worth of around $191 billion; Elon Musk's net worth also fell from $252 billion to $235 billion.
High-profile earnings disappointments, concerns over AI, Federal Reserve rate cuts, and fear of a recession led to the tech-heavy index entering correction territory, sparked by Amazon's plan to prioritize AI over profits.
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