What Was the Cost of the Democratic Victory for the 500 Richest Billionaires?

The 500 people included in the wealth index collectively lost 185 billion dollars on November 5, Bloomberg reports.

This is the fourteenth-largest daily drop since Bloomberg began compiling its ranking in 2012.

This comes after a period in which tech billionaires were heading toward their best year in history, as they concentrate 36% of the index's total wealth amid the unstoppable growth of artificial intelligence, the outlet notes.

Bloomberg links these losses to the Democratic victory in the November 3 midterm elections in the US.

For example, Nvidia Corp. CEO Jensen Huang suffered a 15.1 billion dollar drop in his fortune, which stood at 150.9 billion, as shares plummeted following the Republican Party's broad defeat.

Other big losers were SpaceX director Elon Musk and Oracle Corp. co-founder Larry Ellison, whose fortunes shrank by 79.7 billion and 10.1 billion dollars, respectively.

All three, and especially Huang, are heavily exposed to the development of data centers to sustain the growing demand for artificial intelligence, the agency clarifies.

Expectations that a Democrat-controlled House of Representatives and Senate will work to restrict the construction of data centers, a critical component of artificial intelligence infrastructure, contributed to the fall in shares of semiconductor manufacturers and computing capacity providers, Bloomberg argues.