The U.S. stock market witnessed a sharp decline on Thursday, impacting the fortunes of the world’s wealthiest. Eight out of the top ten billionaires saw a dip in their net worth, with Elon Musk suffering the largest blow.

Tesla shares fell by 6.64%, resulting in a staggering loss of over $20.5 billion for Musk, bringing his total net worth down to $430 billion. Despite this setback, his net worth remains among the highest globally, though it has decreased by $2.83 billion so far this year. Recently, Tesla shareholders approved a $1 trillion package in favor of Musk.

Other top billionaires also felt the impact:

• Larry Ellison saw his net worth drop by $10.8 billion, now standing at $275 billion, despite an overall gain of $82.6 billion this year.
• Jeff Bezos lost $5.77 billion, bringing his net worth to $259 billion.
• Larry Page and Sergey Brin saw declines of $6.36 billion and $5.89 billion, respectively.

Meanwhile, some tech leaders recorded gains: Mark Zuckerberg of Meta Platforms added $335 million to his fortune, reaching $216 billion, ranking sixth globally. Renowned investor Warren Buffett saw a $2.56 billion increase. On the other hand, Bernard Arnault, Steve Ballmer, and Jensen Huang experienced losses of $2.04 billion, $2.51 billion, and $5.89 billion, respectively.

In Asia, India’s richest also witnessed fluctuations: Mukesh Ambani saw a $29.9 million decline, bringing his net worth to $106 billion, keeping him 18th on the global list, while Gautam Adani gained $108 million, reaching $90.9 billion.

The dramatic swings in billionaire fortunes highlight the volatility of global markets and the heavy impact of stock movements on personal wealth, especially among the world’s wealthiest.