On a turbulent Thursday, the fortunes of the world’s wealthiest individuals took a significant hit. Elon Musk and Larry Ellison were particularly affected, losing nearly $30 billion combined as a result of a market downturn.
Market Overview
The stock market experienced considerable declines. The Nasdaq Composite dipped by 2.5%. The Dow Jones Industrial Average fell by 650 points, equating to a 1.35% decrease. Meanwhile, the S&P 500 declined by 1.6%.
Impact on Billionaires
As the market struggled, the two tech magnates saw substantial drops in their estimated net worths:
- Elon Musk: Down $17.1 billion
- Larry Ellison: Down $12.5 billion
Collectively, the nine richest people lost a staggering $58.6 billion by 2 p.m. EST, according to Forbes.
Disney’s Financial Performance
The Walt Disney Company was one of the main contributors to the market’s decline. It reported disappointing revenue numbers, leading to an almost 8% drop in its stock by 2:30 p.m. EST. Despite surpassing earnings forecasts, concerns arose over ongoing distribution negotiations with YouTube TV.
Other tech stocks also suffered significant losses:
- Shopify: Down more than 6%
- Tesla: Down more than 6%
- Palantir Technologies: Down more than 6%
Warren Buffett’s Positive Turn
In contrast, Warren Buffett, CEO of Berkshire Hathaway, saw a $2.4 billion increase in his net worth. This rise positioned him above the $150 billion mark, making him an outlier among the wealthiest individuals on a difficult day.
The economic climate continues to be influenced by various factors, including the end of the longest government shutdown in U.S. history.
