World’s richest people suffer $108 billion loss on DeepSeek fuelled tech selloff
- The world's 500 richest people lost a total of $108 billion due to a tech sell-off linked to DeepSeek, with Jensen Huang losing $20.1 billion, a 20% drop in his fortune.
- Billionaires connected to artificial intelligence were the biggest losers, including Oracle co-founder Larry Ellison, who lost $22.6 billion, representing 12% of his wealth.
- The tech sector experienced a combined $94 billion drop in wealth, about 85% of the total decline, as the Nasdaq Composite Index fell 3.1% and the S&P 500 dropped 1.5%.
- DeepSeek, a Chinese AI developer, gained attention after its free chatbot app topped download charts, leading to significant wealth losses among tech billionaires.
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