Tech billionaires lost $94 billion as a result of the Chinese AI business DeepSeek. Larry Ellison, the billionaire and chief technology officer of Oracle, lost almost $9 billion.

Elon Musk, the CEO of Tesla, is among the IT giants who have lost billions of dollars as a result of China’s DeepSeek’s breakthrough achievement this year. Fortune reports that the world’s richest person lost $90 billion. According to reports, Nvidia CEO Jensen Huang and Meta CEO Mark Zuckerberg lost $20 billion and $11 billion, respectively.

Nvidia was the most severely impacted by the billion-dollar AI startup’s ascent to prominence, which led to a sell-off in the AI chip manufacturer and a $600 billion decline in its market value—one of the worst decrease in US stock prices in the history of the market, according to Bloomberg.

Moreover, at the beginning of February, Bloomberg assessed Musk’s net worth to be around $433 billion, but on February 28, it decreased to $349 billion. Within the same period, Zuckerberg’s net worth plummeted from $243 billion to $232 billion.

Larry Ellison, the billionaire and chief technology officer of Oracle, lost almost $9 billion.

According to Fortune, DeepSeek collectively wiped off $94 billion from tech billionaires’ wallets.

Despite the sharp decline in his and his company’s wealth brought on by DeepSeek, Huang lauded the Chinese firm on Nvidia’s most recent earnings call, claiming it had “ignited global enthusiasm.”

“It’s a great invention, but more significantly, it has made a top-notch AI reasoning model publicly available,” he stated.

For a tenth of the price, DeepSeek had unveiled a sizable language model that could compete with those of competitors like OpenAI. According to CNBC, Nvidia’s biggest clients, Meta, Amazon, Google, and Microsoft, appear unfazed and plan to spend over $320 billion on AI and data centre expansion.