Jensen Huang and Michael Dell are out of the $100 billion club after a tough quarter at the stock market caused in part by US President Donald Trump's aggressive tariff policies which led to dampened investor confidence. The elite club that boasted of 16 centi-billionaires at the beginning of the year, now has only 13 members.
Nvidia CEO lost $19.2 billion this year as the company's shares fell by 18 percent since January. His net worth currently stands at $95.2 billion, as per the Bloomberg Billionaires Index. Huang, however, remains richer than he was two years ago when his net worth was about $25 billion. His net worth had peaked at $130 billion last November.
Meanwhile, the Dell CEO lost a big chunk of his fortune, too. In the first quarter of this year, his net worth fell by $24.5 billion. He is currently at the 14th position on the Bloomberg Billionaires Index, just below the $100 billion mark.
Although the tech company reported strong earnings in February, Dell Technologies' stock lost almost 22 percent this year amid concern slower-than-expected AI infrastructure spending, Business Insider reported.
Last June, the 60-year-old's net worth tumbled by $11.7 billion in a single day as shares of Dell Technologies Inc. fell 18 percent in New York after it posted results that disappointed investors, Fortune reported.
While the computer company Dell founded reported its first quarterly revenue increase in two years, investors were not impressed as they had high expectations for its artificial intelligence (AI) server business.
Earlier this year, when Dell was asked how big a growth opportunity the AI wave could be for his namesake company, he told the publication, "It feels every bit as big as previous waves, but probably bigger... You know, maybe quite a bit bigger... I don’t know for sure. Nobody knows.”
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