At the start of 2024, the world’s wealthiest individuals were experiencing unprecedented gains, raking in an estimated $10 billion per day throughout January. However, just a month later, those fortunes have taken a dramatic hit, with a combined $138 billion erased from the net worths of Elon Musk, Jeff Bezos, Mark Zuckerberg, and Larry Ellison.
The downturn signals a sharp shift for billionaire investors, particularly in the tech sector, where valuations had soared to record highs. The reversal comes amid rising market volatility, driven in part by the emergence of a disruptive new AI company that has unsettled investor confidence.
Read also
- Stakeholders warn plastic ban could cripple SMEs without recycling infrastructure
- Traders to be relocated as FCT minister promises infrastructure support
- Kwara State backs creative economy to drive youth employment, inclusive growth
- NSITF urges Nigerian employers to enrol in compensation scheme
- Tinubu hosts inaugural West Africa economic summit to boost regional investment
According to the Bloomberg Billionaires Index, losses are mounting across the board. Elon Musk, who entered February with an estimated $433 billion, has seen his wealth plummet to $349 billion. Mark Zuckerberg, CEO of Meta, has dropped from $243 billion to $232 billion. Meanwhile, Oracle chairman Larry Ellison, who briefly ranked among the world’s top three richest individuals, has lost nearly $9 billion.
The sudden reversal has left analysts debating whether this is a temporary market correction or the start of a longer-term decline. With tech stocks facing increasing pressure and investors reassessing their positions, the coming months could determine whether the billionaire boom of early 2024 was simply a short-lived surge.
Discover more from SMALL BUSINESS INSIGHTS
Subscribe to get the latest posts to your email.
