After Democrats’ midterm wins, Nvidia shares fell 9.3% on Nov. 5 as Bloomberg linked the selloff to worries about data center construction for artificial intelligence computing.
Bloomberg Billionaires Index estimates put Nvidia CEO Jensen Huang’s fortune at $150.9 billion after a $15.1 billion drop, while his rank fell from ninth to 13th. Bloomberg said investors were concerned a Democratic-controlled House and Senate could seek limits on new data center projects, which are central to AI infrastructure.
The losses extended to other technology-linked fortunes. SpaceX shares fell 9%, and Oracle shares declined 6.9%. Bloomberg’s estimates showed SpaceX CEO Elon Musk lost $79.7 billion, while Oracle co-founder Larry Ellison lost $10.1 billion.
Fortunes across the index’s 500 members fell by a total of $185 billion on Nov. 5. Bloomberg said only 13 daily losses since it began compiling the index in 2012 were larger.
Technology billionaires represented 36% of the index’s wealth amid AI growth. Before the Nov. 5 decline, Bloomberg described them as heading into a record year.
