Nvidia CEO drops out of world's 10 richest people after US election - Bloomberg
Photo: Nvidia CEO Jensen Huang (Getty Images)
The Democrats' victory in the US elections cost Nvidia CEO Jensen Huang his place among the world's 10 richest people. The fortunes of SpaceX founder Elon Musk and Oracle co-founder Larry Ellison also declined significantly, Bloomberg reports.
Huang lost $15.1 billion. His fortune is now estimated at $150.9 billion. As a result, he dropped from ninth to 13th place in the ranking of the world's richest people.
Musk lost $79.7 billion, while Ellison lost $10.1 billion.
Overall, the combined wealth of the 500 people on Bloomberg's ranking fell by $185 billion following the elections.
This trend is linked to a decline in technology stocks. Nvidia shares, in particular, fell by 9.3%. This was the company's sharpest drop since January last year.
Investors believe that Congress will now block the construction of new data centers, which are a key part of artificial intelligence infrastructure. In recent years, AI has become the main driver of rising valuations for tech giants.
US elections
On November 3, the US held congressional midterm elections, in which Democrats won control of both the Senate and the House of Representatives.
Following the Republicans' defeat, US President Donald Trump threatened to veto Democratic initiatives.
At the same time, he acknowledged the results and said he was ready to work with Democrats.
