The exclusive club of tycoons worth $100 billion or more just got a little bit smaller thanks to a stock market pullback.
There are now only 12 people in the 12-digit net worth clique, after three previous members fell off the list, according to the Bloomberg Billionaires Index. Although they’re still among the world’s richest people, as of Sunday, tech moguls Jensen Huang of Nvidia and Dell founder Michael Dell along with India’s second richest person Gautam Adani fell just short of the $100 billion mark.
The super wealthy shift comes as September takes its yearly toll on stocks. Last week, all major indices finished the week lower, with the S&P 500 falling 4.2% for the week. Uncertainty over the U.S. election and unemployment numbers threaten to push equities lower into next month.
Nvidia took a 14% dive last week and recorded the biggest ever single-day drop in history for an American company. With just over 3.5% ownership of the company, Huang’s net worth plummeted to $90.5 billion from $105 billion, according to Bloomberg.
Dell’s net worth fell about $10 billion to $96.3 billion last week, according to Bloomberg, as shares fell Friday amid weakness in the tech sector. On Monday, Dell’s shares jumped about 3% on the news that it, along with data analytics company Palantir, would be joining the S&P 500.
Finally, Adani teetered on the edge of the elite group of super wealthy magnates at $99.6 billion as of Sunday after India’s Nifty 50 index of the largest Indian companies recorded a three-day losing streak. The index was up less than 1% as of Monday’s close.
In May, the $100 billion club ballooned to 15 members, its highest number in history, thanks to stock market gains. Among the most recognized members are Tesla CEO Elon Musk, Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg.
Among the ranks of the uber wealthy, tech moguls like Zuckerberg and Huang stand out for the biggest gains recorded so far this year. The 40-year old Zuckerberg’s net worth exploded by $50 billion so far this year, followed by Huang’s personal fortune, which jumped by $46 billion as Nvidia’s stock skyrocketed amid a broader AI boom.
Together, the wealth of the current 12 members of the $100 billion club is just under $1.9 trillion, which is a little more than Google’s market cap.
