Billionaire net worth falls amid stock market turmoil

The net worth of many billionaires fell on Monday, and global markets saw significant turbulence.

According to Forbes magazine, billionaires whose personal fortunes have seen a significant decline include Jeff Bezos, Nvidia CEO Jensen Huang and Mark Zuckerberg.

These companies and the other four tech giants that make up the “Magnificent Seven” saw their stock prices fall significantly on Monday.

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Broader U.S. indices fell Monday, with the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 down 2.7%, 3.7% and 3.3% in the afternoon. Markets in other parts of the world, such as Asia and Europe, also fell.

Bezos, Huang and Zuckerberg’s net worth losses during Monday’s global market turmoil totaled $8 billion, $7.9 billion and $7 billion, respectively, at one point in the mid-morning, Forbes reported. The outlet’s real-time tracking showed the losses tapered off by late afternoon.

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Bezos was worth $180.8 billion as of Monday afternoon, according to Forbes’ real-time tracker. Meanwhile, the site estimated Huang and Zuckerberg at $87.7 billion and $167.3 billion.

Other billionaires, such as Oracle co-founder Larry Ellison and Tesla CEO Elon Musk, lost $6 billion on Monday due to swings in their companies’ stock prices, the outlet reported.

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Among the “Magnificent Seven,” Nvidia shares were the biggest losers on Monday, falling 7%.

Billionaires outside the tech industry also saw their personal wealth decline during Monday’s market plunge, Forbes reports.

Concerns about the U.S. economy and other factors contributed to turmoil in global markets.