STOCKS | Asian Chip Stocks Selloff Cuts Fortunes of 22 Billionaires by More Than $18 Billion

A global technology stock selloff spread to Asia, reducing the wealth of SoftBank Group founder Masayoshi Son and other business leaders. According to Odaily, the combined fortunes of 22 billionaires from China, Japan and South Korea who rank among the world’s 500 richest initially declined by more than $21 billion before the loss narrowed to more than $18 billion, as of 10:00 (UTC+8). Son had the largest individual loss, with his wealth falling by $3.9 billion to about $29 billion. The hardest-hit fortunes were tied to companies at the center of the artificial intelligence boom. Those who lost at least $1 billion included Takemitsu Takizaki, founder of electronic sensor maker Keyence, and Singapore’s richest person, Jason Chang of semiconductor packaging and testing company ASE Technology Holding. The family of Samsung Electronics shareholder Lee Jae-yong, including his mother and sister, lost about $2.5 billion in combined wealth. The family is among Asia’s wealthiest.