How much wealth did billionaires lose as Trump's tariffs rocked markets?

The drop in wealth is the fourth-largest single-day drop in the 13-year history of the Bloomberg Billionaires Index and the most substantial decline since the peak of the Covid-19 pandemic

The world’s 500 wealthiest individuals collectively lost $208 billion on Thursday following the announcement of sweeping tariffs by US President Donald Trump.

 

The move triggered a sharp downturn in global markets, causing significant declines in billionaire fortunes.  

 

This marks the fourth-largest single-day drop in the 13-year history of the Bloomberg Billionaires Index and the most substantial decline since the peak of the Covid-19 pandemic.  

 

More than half of the billionaires tracked by Bloomberg’s index saw their net worth shrink, with an average decline of 3.3 per cent. Among those most affected were US-based billionaires, with Meta Platforms Inc’s Mark Zuckerberg and Amazon.com Inc’s Jeff Bezos leading the losses.  

 

 

Carlos Slim stands out as a rare winner  

While most billionaires experienced heavy losses, Mexico’s richest man, Carlos Slim, emerged as one of the few exceptions. His wealth surged 4 per cent to reach $85.5 billion as Mexico’s stock exchange climbed 0.5 per cent. The country was notably absent from the US government’s list of reciprocal tariff targets, shielding its economy from immediate market fallout. Meanwhile, billionaires in West Asia were the only group on Bloomberg’s index to record net gains for the day.

 

Mark Zuckerberg’s net worth plunge

The Meta CEO faced the steepest loss in dollar terms, with his net worth plunging by $17.9 billion as Meta’s stock dropped 9 per cent. He had been a strong performer earlier in the year, contributing to significant gains in the Magnificent Seven index of megacap tech stocks. However, since mid-February, Meta’s stock has fallen approximately 28 per cent, Bloomberg reported.

 

Jeff Bezos’ fortune plummets   

Amazon shares tumbled 9 per cent on Thursday, marking their worst single-day decline since April 2022. This drop wiped $15.9 billion from Bezos’s fortune, bringing the company’s stock down over 25 per cent from its February peak.  

 

Elon Musk's wealth takes a hit  

Tesla chief Elon Musk’s losses this year have now exceeded $110 billion, with $11 billion erased on Thursday alone. Tesla’s stock has suffered due to weak deliveries and controversy surrounding Musk’s role as Trump’s efficiency czar. Earlier in the week, Tesla appeared poised to benefit from US-centric manufacturing amid new tariffs, but that optimism faded as shares fell 5.5 per cent after the tariff announcement, the Bloomberg report said.

 

Fortune of Ernest Garcia III contracts

The Carvana CEO’s fortune shrank by $1.4 billion after the company’s stock plummeted 20 per cent. Carvana had experienced a meteoric rise, surging over 425 per cent in the 12 months leading up to mid-February, but has since lost 36 per cent of its value.  

 

Tobi Lutke’s wealth erode  

Tobi Lutke, Shopify’s co-founder and CEO, saw his wealth decline by $1.5 billion, representing a 17 per cent drop. Shopify’s stock plunged 20 per cent in Toronto as the S&P/TSX Composite Index endured its worst day since March 2020. The company, which heavily depends on imported goods, was hit hard by trade concerns.  

 

Negative impact on Bernard Arnault  

The European Union is preparing for a 20 per cent flat tariff on exports to the US, which is expected to negatively impact industries such as alcohol and luxury goods. Shares of LVMH, the luxury conglomerate led by Arnault, dropped in Paris, reducing his net worth by $6 billion.  

 

Zhang Congyuan’s fortune shrink

The founder of Chinese footwear manufacturer Huali Industrial Group Co saw his fortune shrink by $1.2 billion, a 13 per cent decline. Trump’s additional 34 per cent tariff on Chinese goods triggered a sharp sell-off in Huali’s stock. Other footwear brands, including Nike Inc, Lululemon Athletica Inc, and Adidas AG, also suffered double-digit losses due to their reliance on manufacturing in Southeast Asia, Bloomberg reported.