Global Markets See Record $4 Trillion Single-Day Loss

The global stock market experienced its largest single-day loss in absolute terms on November 5, with total losses ranging between $3.5 trillion and $4.1 trillion, according to financial service providers. The crash was triggered by the US midterm elections and Democratic success, which sparked a sell-off in tech stocks. Elon Musk's wealth fell by $79 to $91 billion in one day, though he remains the world's richest person with an estimated fortune of nearly $800 billion. Michael Dell lost $22 billion, and Nvidia's Jensen Huang lost over $15 billion. The absolute loss is a record because tech stock booms have massively inflated global market valuations in recent years. Relatively, the decline was 3.5 to 4 percent, with the S&P 500 falling 4.4 percent. Historically, the Covid crash on March 16, 2020, saw the S&P 500 drop nearly 12 percent, and October 15, 2008, during the financial crisis, saw a 9 percent decline. Markets partially recovered on Friday, with Nvidia, Intel, and Tesla posting gains.