Nvidia’s Jensen Huang and Michael Dell have fallen out of the exclusive $100 billion club after a terrible three months for the stock market.
At the start of the year, there were 16 centi-billionaires but there are now only 13, as a sharp sell-off in equities wiped billions from their fortunes in the worst quarter for the market since 2022.
The other casualty is Amancio Ortega, the founder of Zara owner Inditex.
President Donald Trump’s aggressive tariff policies have led to a more volatile market and dampened investor confidence.
Jensen Huang
Once one of the biggest beneficiaries of the AI stock boom, Huang is down $19.2 billion this year as Nvidia shares have fallen 18% since January. His net worth now stands at $95.2 billion, per the Bloomberg Billionaires Index, putting him in 16th place.
A mix of AI market saturation fears, tighter regulations, and a disappointing IPO from AI cloud startup CoreWeave have weighed on investor sentiment, dragging Nvidia’s market value down.
Huang remains richer than he was two years ago when his net worth was about $25 billion — although he’s still well off his $130 billion peak from last November.
Michael Dell
Dell, the tech entrepreneur who has turned the company he founded, wasn’t spared either.
The Bloomberg rich list shows he’s lost a big slice of his fortune in the first quarter of this year with a $24.5 billion decline. He’s just below $100 billion mark and in 14th place.
Despite reporting strong earnings in February, Dell Technologies’ stock has lost almost 22% this year amid concern slower-than-expected AI infrastructure spending.
Amancio Ortega
The 89-year-old Spanish founder of Zara is down $2.5 billion following a slide in Inditex shares of about 7% this year.
That fall leaves him worth $98.8 billion and in 15th place on Bloomberg’s list.
A mix of weaker consumer spending and unfavorable foreign exchange conditions has taken its toll on the fast-fashion empire.
Not quite so rich
Other members of the $100 billion club have taken heavy hits, with Elon Musk down $116 billion to $316 billion, Larry Ellison down $30.3 billion to $162 billion and Jeff Bezos down $27.1 billion to $212 billion.
The only centi-billionaires to grow their wealth were Warren Buffett and Bill Gates.
Buffett added $24.3 billion to his fortune this year following a surge in Berkshire Hathaway stock, putting him fifth on Bloomberg’s list at $166 billion.
That’s two spots and $5 billion ahead of his friend and Microsoft cofounder, whose net worth is $2 billion higher this year. The bulk of Gates’ wealth comes from his cash holdings of $78 billion, with his Microsoft stake valued at $24.3 billion.
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