Software Industry Billionaires Lose $62 Billion Wealth

Some of the richest U.S. software executives have lost a combined $62 billion so far in 2026, Bloomberg reports, with AppLovin founders and Oracle's Larry Ellison among the hardest hit. The selloff accelerated after Anthropic released its Cowork legal plugin, sparking about a $285 billion drop in software, financial and asset-management stocks. Investors are now prioritizing nearer-term cash flow amid rising interest rates.