Three billionaires fall from USD100B club amid stock market decline
Date
9/12/2024 4:59:12 AM
(MENAFN) Last week, the exclusive USD100 billion club saw a significant reduction, with three prominent billionaires dropping out due to steep losses in their corporate stocks. The departure of Nvidia CEO Jensen Huang, Dell Technologies' Michael Dell, and Indian billionaire Gautam Adani has reduced the number of individuals exceeding the USD100 billion mark to just 12. This dramatic shift occurred over a brief span of four days, reflecting the volatility affecting major corporate stocks.
Jensen Huang experienced a notable decline in his fortune, with his wealth shrinking from USD105 billion to USD90.5 billion in just a week. This drop in his net worth was largely driven by a 14 percent plunge in Nvidia’s stock value. Despite this setback, Huang’s overall fortune has increased by USD46 billion since the beginning of the year. His fall on a billionaires list saw him drop from 18th to 14th position, highlighting the impact of recent market fluctuations on his financial standing.
Similarly, Gautam Adani's wealth diminished from USD102 billion to USD99.6 billion by the end of the week, while Michael Dell saw his fortune decrease by USD10 billion, bringing his net worth to USD96.3 billion. These losses reflect broader trends in the market, underscoring how quickly fortunes can shift in response to stock market volatility and other economic factors.
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