Meta's Stock Drop and AI Spending Shake Up Billionaire Rankings
Originally Published 2 months ago — by Barron's
The rankings of the world's wealthiest individuals have shifted in October, primarily driven by fluctuations in tech company stocks. Elon Musk remains the richest, while Larry Ellison's wealth has increased due to Oracle's strong AI cloud services and stock buybacks. Mark Zuckerberg's net worth declined due to increased AI spending costs at Meta, whereas Jeff Bezos and other tech leaders like Larry Page and Sergey Brin saw their fortunes grow amid a tech stock rally. Nvidia's CEO Jensen Huang also gained significantly as Nvidia's AI chip shares soared, contributing to the overall rise in tech billionaires' wealth.