According to CoinMeta, as a wave of selling off in global tech stocks hit Asia, the wealth of SoftBank Group founder Masayoshi Son and several other Asian business tycoons significantly diminished. As of 10 a.m. Beijing time, the combined wealth of 22 billionaires from countries such as China, Japan, and South Korea who were among the world's top 500 richest individuals had shrunk by over $21 billion, and then further dropped to over $18 billion. Masayoshi Son suffered the greatest loss, with his personal wealth decreasing by $3.9 billion to around $29 billion. The companies at the core of the AI craze were hit the hardest; billionaires whose personal wealth decreased by at least $1 billion included Takasaki Takeshi, the founder of Keisai, a manufacturer of electronic sensors, as well as Zhang Qiansheng, the richest man in Singapore and the chairman of ASEAN Semiconductor Manufacturing Corporation (ASMC), a company involved in semiconductor packaging and testing. The wealth of Lee Jae-yong, a shareholder of Samsung Electronics, and his family also shrank by about $2.5 billion.