After Trump’s introduction of new tariffs, the world’s richest people lost $208 billion in a day
A day after Donald Trump announced new tariffs on imports from a number of countries, the world’s richest people lost a total of $208 billion. The decision to introduce tariffs caused a sharp drop in global stock markets, informs Bloomberg.
This was the fourth largest one-day decline in the 13-year history of the Bloomberg Billionaires Index and the largest since the peak of the COVID-19 pandemic. More than half of the people on the list experienced losses, an average of 3.3%. Billionaires from the US, including Meta founder Mark Zuckerberg and Amazon founder Jeff Bezos, were the most affected.
Zuckerberg became the “biggest loser in dollar terms”: Due to the 9% drop in Meta shares, he lost $17.9 billion, which is about 9% of his fortune. Amazon shares fell by the same amount — the most since April 2022 — and cost Bezos $15.9 billion.
Elon Musk, the CEO of Tesla, lost a total of $110 billion since the beginning of the year, of which $11 billion was lost in the last day alone. The reasons were a decline in supply volumes and his controversial public role related to Trump’s new initiatives.
Ernest Garcia, CEO of Carvana Co., lost $1.4 billion after the company’s shares fell 20%. Although their value has increased by more than 425% over the year, they have fallen by 36% since February.
Canada’s Shopify CEO Toby Luttke lost $1.5 billion, or 17% of his net worth, after the company’s shares fell 20% on the Toronto Stock Exchange. The reason was increased tariff pressure on imports, on which a significant part of the company’s income depends.
The founder of the Chinese company Huali Industrial Group, Zhang Kongyuan, lost $1.2 billion (13% of his fortune) after the introduction of additional 34% tariffs on Chinese goods. The company’s shares fell sharply. At the same time, the drop in stock prices also affected footwear manufacturers in the US and Europe: Nike, Lululemon and Adidas, which have production facilities in Southeast Asia, also suffered significant losses.
An exception was the Mexican billionaire Carlos Slim, whose capital increased by 4% to $85.5 billion. His fortune grew thanks to the fact that Mexico was not included in the list of countries against which the United States introduced reciprocal tariffs. The Mexican stock market showed an increase of 0.5%.
The Middle East became the only region where billionaires from the Bloomberg Index recorded a net profit at the end of the day.
