Jensen Huang and Michael Dell are no longer part of the exclusive $100 billion club, as a brutal first quarter for global markets erased billions from their fortunes.
At the start of the year, 16 individuals had net worths exceeding $100 billion, but that number has now shrunk to 13, as an aggressive sell-off in equities wiped out billions in wealth. The first quarter of 2025 marked the worst market performance since 2022, with a combination of AI sector fatigue, regulatory challenges, and trade tensions rattling investors.
Among the casualties is Amancio Ortega, the Spanish billionaire behind Zara-owner Inditex, whose net worth has also fallen below $100 billion.
Register for Tekedia Mini-MBA edition 17 (June 9 – Sept 6, 2025) today for early bird discounts. Do annual for access to Blucera.com.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register to become a better CEO or Director with Tekedia CEO & Director Program.
One of the key drivers of this market decline was the sudden rise of DeepSeek, a Chinese AI company that shocked investors with its cost-effective generative AI models. DeepSeek’s breakthrough not only introduced a serious competitor to US-based AI giants like OpenAI and Nvidia but also triggered a panic-driven sell-off in AI stocks, as investors feared that companies would be forced to slash their AI infrastructure costs to remain competitive.
The unveiling of DeepSeek in early 2025 came just as Nvidia, Microsoft, and OpenAI were preparing for another year of aggressive AI expansion. However, DeepSeek’s cost advantage immediately raised concerns about the profitability of high-priced AI training models—a sector Nvidia dominates with its expensive GPUs. As a result, Nvidia shares plummeted 18 percent, marking a record one-day loss in market capitalization, and wiping out almost $600 billion in market value. This dragged down Huang’s fortune by $19.2 billion to $95.2 billion, according to the Bloomberg Billionaires Index. His net worth, which peaked at $130 billion in November 2024, has now dropped significantly.
Michael Dell, whose Dell Technologies has been positioning itself as a major AI infrastructure provider, was not spared either. Despite reporting strong earnings in February, Dell Technologies’ stock has tumbled 22 percent, as investors worry that AI infrastructure spending is not growing as fast as expected. The Bloomberg rich list shows that Dell’s fortune declined by $24.5 billion, leaving him just below the $100 billion threshold in 14th place globally.
Trump’s Tariff War Compounds the Market Decline
Just as AI stocks were already under pressure, President Donald Trump’s renewed trade war escalated the crisis. The administration’s decision to impose heavy tariffs on Chinese tech imports and European goods triggered a wave of retaliatory measures, causing supply chain disruptions and further rattling investor confidence.
Trump’s aggressive tariff strategy, which he has openly embraced as a long-term economic weapon, has intensified inflationary pressures and raised fears of a global slowdown. Several major corporations, including Tesla, Apple, and semiconductor manufacturers, have already issued warnings about the impact of rising costs on their bottom lines.
The stock market reacted sharply to these developments, with the S&P 500 and Nasdaq experiencing their worst quarterly performance since 2022. Investors are now bracing for a turbulent year as Trump has doubled down on his commitment to tariffs, despite warnings from economists that such measures could tip the US into a recession.
With Trump’s determination to continue using tariffs as a tool of economic warfare, leading economists have warned that a recession is now more likely than ever. A Deutsche Bank survey now puts the chances of a U.S. economic downturn at 43% over the next 12 months. The combination of trade disruptions, AI market volatility, and high interest rates has put corporate earnings under immense pressure, leading to job cuts across several industries.
A recession would have significant consequences for millions of Americans, with rising unemployment, weaker consumer spending, and an even greater cost-of-living crisis. Analysts predict that many companies—particularly those reliant on global supply chains—will struggle to maintain profitability in the face of higher costs and declining demand.
The AI sector, which has been a major driver of economic growth in recent years, now faces a critical test. If companies pull back on AI investments due to cost concerns, it could have a ripple effect on startups, semiconductor manufacturers, and cloud computing giants, all of which have bet heavily on continued AI expansion.
Zara Founder Amancio Ortega Also Drops Below $100 Billion.
Amancio Ortega, the 89-year-old Spanish billionaire who built the Inditex fashion empire, saw his net worth drop by $2.5 billion.
Shares of Inditex, the parent company of Zara, have slid 7 percent this year, leaving Ortega with a net worth of $98.8 billion and placing him in 15th place on Bloomberg’s list.
The decline comes as weaker consumer spending and unfavorable foreign exchange conditions weigh on Inditex’s sales. While Zara remains a dominant force in fast fashion, macroeconomic challenges and inflationary pressures have led to lower-than-expected revenue growth.
Market Turmoil Hits Other Billionaires, Except Buffett and Gates
Huang, Dell, and Ortega are not the only ultra-wealthy individuals facing massive declines in fortune.
Elon Musk, the world’s richest man, has seen his wealth plummet by $116 billion this year, though he still sits at the top with $316 billion. Larry Ellison, the Oracle co-founder, is down $30.3 billion to $162 billion. Jeff Bezos, Amazon’s founder, has lost $27.1 billion, bringing his net worth to $212 billion.
However, not all billionaires suffered losses. Warren Buffett has been the biggest winner so far in 2025, adding $24.3 billion to his fortune thanks to a strong rally in Berkshire Hathaway stock. His net worth now stands at $166 billion, placing him fifth on Bloomberg’s list. Bill Gates has also seen his wealth increase by $2 billion, largely due to his massive cash holdings of $78 billion and a Microsoft stake valued at $24.3 billion.
The sharp declines in billionaire wealth reflect wider market turbulence, with AI stocks cooling off after a multi-year boom and geopolitical uncertainties—particularly Trump’s aggressive trade policies—fueling market volatility.
With Trump not ready to back down on his tariff-as-a-weapon strategy, the rest of 2025 could see even more reshuffling among the world’s richest individuals.