Epic US Stock Selloff: Musk Loses Nearly $100 Billion in a Single Day

Odaily Report: US stocks suffered a massive selloff on Thursday, with tech stocks bearing the brunt of the damage. According to MSX.CON data, the Dow Jones, S&P 500, and Nasdaq Composite fell by as much as 2.38%, 3.57%, and 5.35% respectively during intraday trading, while the Philadelphia Semiconductor Index's decline widened to 11.6% at one point, as the AI hardware supply chain experienced concentrated selling. Nvidia dropped as much as 9%, while TSMC, SpaceX, and Tesla each fell as much as 11%.

The Forbes Real-Time Billionaires List shows that the US stock decline significantly shrank the net worth of several global tech billionaires. Elon Musk lost $91.2 billion in a single day, a drop of 10.50%; Dell Technologies founder Michael Dell lost $20.5 billion, a drop of 9.60%; Nvidia CEO Jensen Huang lost $15.1 billion, a drop of 8.70%; Oracle founder Larry Ellison lost $13.2 billion, a drop of 8.05%; and Meta founder Mark Zuckerberg lost $12.9 billion, a drop of 5.98%.

The five billionaires' combined net worth shrank by $152.9 billion in a single day. Musk alone accounted for nearly 60% of the five individuals' total losses. This wealth contraction primarily reflects the impact of falling stock prices of the relevant publicly traded companies on the valuation of the billionaires' holdings.