AI slowdown fears wipe out billions: Trump, Musk, Huang, and tech titans take massive hits
After the Republican Party faced sweeping defeats nearly across the board in the November 3 midterm election, US President Donald Trump and some of his key billionaire allies and tech-world advisors have had to watch their multi-billion-dollar wealth evaporate. With Democrats now in control of the US Congress, fears of an AI slowdown have taken hold, taking a toll on the market value of leading tech firms in the country.
With Elon Musk on the top of Forbes biggest net worth losers list on Thursday, Huang was listed at the No. 3 spot for losing $15.8 billion, Michael Dell lost $22 billion. Oracle co-founder Larry Ellison’s net worth suffered a $10.8 billion plunge, and Meta CEO Mark Zuckerberg also lost over $8.4 billion.
