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Billionaires Suffer Losses
Eight of the world’s richest men lost about $150.5 billion in a single Wall Street session on Thursday, November 5, 2026, amid a sell-off in technology and artificial intelligence stocks. Elon Musk led the losses, shedding $79.4 billion, while Michael Dell suffered the largest percentage loss among the hardest-hit, at about 10% of his wealth. Larry Ellison also dropped out of the list of the ten richest people. Reports attributed the decline to concerns over the scale of spending on data centers and chips, uncertainty about returns, and expectations of tighter oversight of technology companies.
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