World’s Richest Lose Nearly $46 Billion Amid Market Sell-Off

The financial market experienced a significant downturn Thursday, leading to a notable reduction in the wealth of the world’s richest individuals. The sell-off was primarily driven by a substantial decline in artificial intelligence stocks, mixed earnings reports from major corporations like Disney, and growing economic uncertainties as the country faces its longest government shutdown in history.

As of Thursday afternoon, the tech-heavy Nasdaq Composite saw a drop of 2.5%, while the Dow Jones Industrial Average plummeted by 650 points, equivalent to a decline of 1.35%. The S&P 500 also faced a setback, declining by 1.6%. These market movements had a direct impact on the fortunes of the wealthiest people in the world, with their collective net worth shrinking by nearly $46 billion.

Elon Musk, who tops the world’s billionaire list, experienced the largest individual loss, with his net worth down $17.1 billion. Larry Ellison, co-founder of Oracle, followed closely with a decline of $12.5 billion. The losses weren’t isolated to these two, as the next seven wealthiest individuals on Forbes’ Real-Time Billionaires list each recorded significant declines, contributing to a total loss of $58.6 billion among the top nine by 2 p.m. EST.

The Walt Disney Company, a key player in the stock market, suffered greatly amid unfavorable news. The company reported earnings that missed revenue expectations, although it exceeded analyst predictions regarding earnings per share. Additionally, Disney issued a caution regarding an ongoing dispute with YouTube TV over the distribution of its cable channels, which further unsettled investors. As a result, Disney stocks dipped nearly 8% by late afternoon, exacerbating the downturn in market sentiment. Other companies such as Shopify, Tesla, and Palantir Technologies also saw their stocks fall by more than 6%.

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In contrast to the prevailing trend, Warren Buffett, the 95-year-old CEO of Berkshire Hathaway, reported a $2.4 billion increase in his fortune on the same day, enabling him to reclaim a net worth above the $150 billion mark. He stood out as the only one among the top ten richest individuals whose net worth rose amidst the broader market decline, showcasing the varied fortunes in a turbulent economic landscape.