Meet the Six Billionaires Hit by $130B Wipeout as Musk Loses More Than the Other Five Combined

The world's six richest individuals lost an estimated $130 billion (£102 billion) in paper wealth on Thursday, 22 October, as technology stocks fell amid concerns over returns from heavy investment in artificial intelligence.

Elon Musk recorded the biggest decline, losing an estimated $74 billion (£58 billion). The five other billionaires, Mark Zuckerberg, Jeff Bezos, Larry Page, Sergey Brin and Michael Dell, lost a combined $56 billion (£44 billion), according to Forbes' real-time billionaire wealth estimates.

The sell-off followed third-quarter earnings announcements from major technology companies. The Nasdaq Composite fell 2.6 per cent, its steepest daily decline since June, as investors questioned whether AI investments would generate sufficient returns.

Musk Loses $74 Billion as Tesla, SpaceX Face Scrutiny

Musk's estimated fortune fell to $917.6 billion (£722 billion) by 3pm Eastern Daylight Time, according to Forbes, after he briefly regained trillionaire status earlier in the week.

SpaceX shares fell nearly 9 per cent despite the company reporting a 161 per cent year-on-year increase in quarterly revenue on Tuesday. Forbes linked investor concerns to a reported $35 billion (£26.2 billion) cash-flow gap and discussions about a possible merger with Tesla.

Axios reported that both companies had established committees of independent directors to examine a potential merger. Musk has acknowledged the discussions, but no merger agreement has been announced.

Tesla shares also fell 2 per cent. The company reported $1.5 billion (£1.1 billion) in third-quarter free cash flow and reduced its full-year capital expenditure forecast from more than $25 billion (£18.7 billion) to $20 billion (£15 billion). Forbes reported that investors remained concerned about the pace of its AI and robotics development.

Zuckerberg, Bezos, Other Tech Founders Lose Billions

Zuckerberg's estimated fortune fell by $18 billion (£13.5 billion) as Meta shares dropped 8 per cent. Meta reported a 26 per cent year-on-year rise in third-quarter revenue to $64.6 billion (£48.3 billion), but raised the lower end of its 2026 capital expenditure forecast by $5 billion (£3.7 billion).

The revised range is $135 billion to $145 billion (£100.9 billion to £108.4 billion). Meta also reported spending $34.9 billion (£26.1 billion) on capital expenditure during the third quarter, highlighting the scale of its investment in AI infrastructure.

Amazon founder Bezos lost an estimated $11 billion as the company's shares fell nearly 5 per cent. Google co-founders Page and Brin lost a combined $15 billion (£11.2 billion) as Alphabet shares dropped by more than 3 per cent.

Dell Technologies founder Michael Dell lost approximately $12 billion (£9 billion) as the company's stock fell 7 per cent, according to Forbes. The five billionaires' combined losses were $18 billion (£13.5 billion) lower than Musk's.

AI Concerns Drive Technology Sell-Off

The Nasdaq Composite fell 2.6 per cent on Thursday, its steepest daily decline since June, as investors reassessed the cost of competing in AI and the returns expected from major technology investments. The falls in Tesla, Meta, Amazon, Alphabet and Dell Technologies shares contributed to the pressure on the fortunes of their founders and major shareholders.

Musk's estimated $74 billion (£58 billion) decline exceeded the other five billionaires' combined $56 billion (£44 billion) loss by $18 billion (£13.5 billion), according to Forbes. The figures reflect changes in estimated wealth as share prices fell, not equivalent cash losses.