(MENAFN) The 500 wealthiest individuals on the planet saw a collective loss of $108 billion yesterday, following a technology sector sell-off sparked by DeepSec, a Chinese artificial intelligence developer. This led to significant market disruptions, as reported by Bloomberg. Investors involved in AI-related technologies were hit hardest, losing $95 billion, which accounted for approximately 85% of the total decline in Bloomberg’s Billionaires Index. The United States experienced the most significant losses, with its stock market suffering a 31% drop, the largest decline in recent months.

This market downturn resulted in a dramatic decrease in the wealth of the world’s richest individuals. Among those affected were Oracle co-founder Larry Ellison and NVIDIA co-founder Jensen Huang, both of whom saw more than 20% of their personal wealth vanish due to the market crash. Despite the turmoil, some billionaires in the tech industry, such as Mark Zuckerberg, Jeff Bezos, and Bill Gates, were able to weather the storm. Their wealth saw slight increases due to their strategic investments and diversified portfolios, though the tech sector as a whole suffered a staggering $94 billion in losses.

The cyber attack by DeepSec left financial analysts scrambling to assess the full extent of the damage. Initial reports suggest that the attack exploited vulnerabilities in global financial systems, distorting algorithmic trading and causing stock prices to plummet. The attack’s tactics were sophisticated, utilizing advanced AI algorithms to manipulate market sentiment and exploit weaknesses in financial infrastructure, raising serious concerns about the potential for AI-driven cyber warfare in the global economy. The impact was not limited to the United States; global markets also saw sharp declines. In China, the Shanghai Composite Index dropped by 28%, highlighting the country’s susceptibility to artificial intelligence threats.

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