Tech titans like Musk, Huang took $150B wealth hit from AI stock rout

Business Insider · Theron Mohamed · 2026-11-06 12:03 UTC

Elon Musk's net worth tumbled by about $80 billion or 9% in one day as Tesla and SpaceX tumbled, and several of his tech peers took wealth hits too.

Thursday was a bad day to be a tech boss.

The world's nine wealthiest tech titans saw just over $150 billion wiped from their combined fortunes in a single day due to a frenzied rout in AI and chip stocks.

The Nasdaq 100 plunged into a correction, posting a more than 6% drop and its worst day since the COVID-19 pandemic. Investors sold off tech stocks in anticipation of Democrats reining in AI and data-center spending after winning control of the House and Senate in the US midterm elections this week.

Read the full story at Business Insider · All coverage of this story