The world’s wealthiest individuals suffered massive losses on Thursday as President Donald Trump’s sweeping tariff announcements sent shockwaves through global markets. The Bloomberg Billionaires Index recorded a staggering $208 billion collective decline among the planet’s 500 richest people—marking the fourth-worst single-day drop in the index’s 13-year history and the most severe since the COVID-19 market crash.
A Widespread Wealth Wipeout
More than half of the billionaires tracked by Bloomberg saw their fortunes shrink, with an average decline of 3.3%. U.S. tech titans were hit hardest, while Mexico’s Carlos Slim emerged as a rare winner—his net worth climbed 4% to $85.5 billion after Mexico was spared from the new tariffs. The Middle East was the only region where billionaires eked out net gains.
Biggest Losers of the Day
- Mark Zuckerberg led the losses in dollar terms, shedding $17.9 billion (9% of his wealth) as Meta Platforms Inc. plunged 9%. The social media giant, which had been a standout performer in early 2024, has now lost nearly 28% of its value since mid-February.
- Jeff Bezos wasn’t far behind, with Amazon’s 9% drop erasing $15.9 billion from his fortune. The e-commerce giant’s stock is down more than 25% from its February peak.
- Elon Musk lost another 11 billion, bringing his year−to−date wealth decline to a staggering 110 billion. Tesla’s stock fell 5.5% amid concerns over lagging EV demand and Musk’s controversial advisory role in the Trump administration.
The pain extended beyond U.S. borders:
- Bernard Arnault, Europe’s richest person, lost $6 billion as LVMH shares slid on fears of a 20% EU tariff on luxury exports.
- Zhang Congyuan, founder of Chinese shoemaker Huali Industrial, saw $1.2 billion vanish after Trump imposed a 34% tariff on Chinese goods.
- Tobi Lutke, CEO of Shopify, lost $1.5 billion as the Canadian e-commerce firm’s stock crashed 20%.
A Grim Outlook for Trade-Dependent Firms
With tariffs targeting everything from Chinese imports to European luxury goods, companies reliant on global supply chains—including Nike, Adidas, and Lululemon—also suffered double-digit stock declines. As markets brace for further volatility, the billionaire wipeout serves as a stark reminder of how quickly policy shifts can reshape fortunes.
