Nvidia CEO Jensen Huang
Nvidia CEO Jensen Huang lost his place in the world’s top 15 richest billionaires. The tech billionaire lost nearly $15.1 billion in a day after the company’s stocks tumbled following Democrats’ sweeping victories in the midterm election, according to Bloomberg. Other billionaires whose wealth declined were Tesla CEO Elon Musk and Oracle founder Larry Ellison, who lost $79.7 billion and $10.1 billion, respectively. The decline comes after the Nasdaq 100 index erased $2.5 trillion in market value in a single day on November 5 as Nvidia and other major technology companies suffered steep losses amid growing fears over the future of artificial intelligence (AI) infrastructure spending in the US. The fall hit major tech companies include Nvidia and AMD whose shares dropped by 9% and 17% during Thursday’s trading session. Notably, Nvidia hit a market capitalization of $5.02 trillion earlier this week, regaining the title of world’s most valuable company from Apple.
The tech-heavy Nasdaq Composite plunged 5.5% on Thursday, marking its biggest one-day drop since the market sell-off triggered by US President Donald Trump’s “Liberation Day” tariffs in April 2025. The loss dropped him to 13th from ninth on the Bloomberg Billionaires Index.