Asian Chip Selloff Cuts 22 Billionaires’ Fortunes by More Than $18 Billion

A global technology-stock selloff spread across Asia, cutting more than $18 billion from the combined fortunes of 22 billionaires ranked among the world’s 500 richest and hitting businesses at the center of the artificial intelligence boom hardest.

At 9 p.m. ET Nov. 5 (02:00 UTC Nov. 6), the billionaires’ combined losses exceeded $21 billion. The reported loss later narrowed to more than $18 billion. The group included people from China, Japan, South Korea and other countries.

孙正义, founder of 软银集团, had the largest individual loss, at $3.9 billion. His fortune stood at about $29 billion. Losses of at least $1 billion also included those of Takemitsu Takizaki, founder of electronic sensor maker 基恩士, and Zhang Qiansheng, Singapore’s richest person and a figure linked to semiconductor packaging and testing company 日月光投控.

李在镕, a shareholder in 三星电子, and his family, including his mother and sister, lost about $2.5 billion combined. The family is among Asia’s wealthiest.