Asian chip stock selloff spreads, 22 billionaires lose over $18 billion in combined wealth

Odaily: As the global tech stock selloff spreads to Asia, the wealth of SoftBank Group founder Masayoshi Son and several other Asian business tycoons has shrunk significantly. According to calculations, as of 10 a.m. Beijing time, the combined wealth of 22 billionaires from China, Japan, South Korea and other countries who rank among the world's 500 richest people had fallen by more than $21 billion, later narrowing to over $18 billion.

Masayoshi Son suffered the largest loss, with his personal wealth dropping by $3.9 billion to approximately $29 billion. Companies at the core of the AI boom were hit the hardest. Billionaires whose personal wealth shrank by at least $1 billion include Takemitsu Takizaki, founder of electronic sensor manufacturer Keyence, and Chang Chien-sheng, Singapore's richest person and chairman of semiconductor packaging and testing company ASE Technology Holding. The family of Lee Jae-yong, a Samsung Electronics shareholder, including his mother and sister, saw their combined wealth shrink by approximately $2.5 billion. The family is one of the wealthiest in Asia.