Software Billionaires Drop $62 Billion in AI-Driven Stock Slump

Software billionaires have seen their fortunes plunge by at least $62 billion this year following a selloff on Tuesday that deepened the industry’s months-long decline.

A trio of founders from advertising platform AppLovin Corp. have each dropped about 30% of their wealth since Jan. 1, topping the list of losses by US billionaires on the Bloomberg Billionaires Index.