In a nutshell: The fall of Nvidia's share price earlier this week has had several repercussions, including one that affects Meta CEO Mark Zuckerberg. Due to Nvidia's boss Jensen Huang's fortune dropping as a result of his company's crashing share price, Zuckerberg has now grown his fortune more than any other billionaire this year.
Nvidia has seen its share price increase around 2,227% over the last five years, a feat that was mostly achieved through its dominance of the AI hardware market.
CEO Huang saw his compensation increase by 60% to $34.2 million in the last financial year, and as he owns 3.79% of Nvidia, his personal net worth has skyrocketed. At the beginning of this week, his year-to-date wealth gain was the highest on the Bloomberg Billionaires Index.
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However, this week saw the first wobble in Nvidia's fortunes when the company's share price fell more than 11%, wiping $279 billion off its market cap – a US record loss for a single day. As a result, Huang's wealth has declined by around $11 billion, dropping him to second place on the YTD-change list.
Taking Huang's place at the top is Zuckerberg. Meta has seen its share price increase by 420% from 2022 and by almost 50% this year alone. As such, Zuck, who has a 13% stake in Meta, has seen his personal fortune rise $55.6 billion this year, making him the third-richest person in the world with a net worth of $184 billion. Only Jeff Bezos ($201 billion) and Elon Musk ($251 billion) are above him on the overall wealth list.
| Rank | Name | Total net worth | $ Last change | $ YTD change | Country / Region | Industry |
|---|---|---|---|---|---|---|
| 3 | Mark Zuckerberg | $184B | +1.42B | +55.6B | United States | Technology |
| 18 | Jensen Huang | $94.2B | +862M | +50.2B | United States | Technology |
| 6 | Larry Ellison | $157B | +1.92B | +34.2B | United States | Technology |
| 7 | Warren Buffett | $146B | -4.20B | +26.7B | United States | Diversified |
| 15 | Jim Walton | $99.2B | -364M | +26.6B | United States | Retail |
| 17 | Alice Walton | $96.2B | -361M | +26.1B | United States | Retail |
| 16 | Rob Walton | $96.9B | -358M | +25.6B | United States | Retail |
| 2 | Jeff Bezos | $201B | +4.15B | +24.0B | United States | Technology |
| 13 | Michael Dell | $102B | -1.10B | +23.4B | United States | Technology |
| 1 | Elon Musk | $251B | +7.69B | +21.6B | United States | Technology |
Don't feel too bad for Huang, though. His wealth has still increased by $50.2 billion in 2024 to $94.2 billion, making him the eighteenth richest person in the world.
Nvidia's share price fell more than 9% following the publication of weak data on the state of the manufacturing sector. It dropped even further, more than 2%, soon after following a report by Bloomberg claiming the company had been subpoenaed by the DOJ as part of an antitrust investigation related to its AI-market dominance. However, Nvidia said yesterday that it had contacted the DOJ to confirm it had not been issued a subpoena.