The world’s richest people lost $108 billion yesterday

$108,000,000,000

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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