Markets
$108,000,000,000
Tom Jones

That’s how much money the world’s 500 wealthiest people lost in the “DeepSeekFreak” yesterday, according to calculations from Bloomberg based on its Billionaire Index. 

The Big Tech sell-off, brought on by the weekend buzz around DeepSeek-R1, a powerful Chinese artificial intelligence model that was reportedly trained at a fraction of the cost of its rivals, naturally hit CEOs of AI-adjacent companies more than anyone else. 

Jensen Huang, CEO of chip giant Nvidia, which shed $589 billion in the biggest one-day monetary loss for a single stock in market history, saw $20.1 billion of his fortune wiped yesterday, while Oracle Corp. cofounder and potential new TikTok owner Larry Ellison saw his estimated wealth fall $22.6 billion — roughly 12% of his overall net worth. 

Don’t rush to restring your tiny violins just yet, however: Nvidia is up more than 3% in premarket trading, and Oracle is clawing back a few percentage points, too.

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