Zuckerberg, Bezos, Musk lose billions as Trump tariffs hit

The combined wealth of the world's 500 richest individuals plummeted by $208 billion on Thursday, following a sharp market downturn triggered by the announcement of broad tariffs by US President Donald Trump.

The decline marked the fourth-largest one-day drop in the history of the Bloomberg Billionaires Index, and the largest since the height of the COVID-19 pandemic.

More than half of the billionaires tracked by the index saw their fortunes shrink, with the average loss standing at 3.3%. US billionaires were among the hardest hit, with notable losses recorded by Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos.

However, a small number of billionaires outside the US managed to escape the negative impact of the tariffs. Mexico’s richest man, Carlos Slim, saw his wealth rise by 4%, after the Mexican Bolsa gained 0.5% due to Mexico being excluded from the list of US tariff targets.

The Middle East was the only region where the wealth index saw net gains for the day, as some individuals there managed to weather the storm.

Mark Zuckerberg

The Meta Platforms CEO suffered the largest dollar loss, as the company’s shares dropped by 9%, eroding $17.9 billion, or roughly 9% of his fortune. Meta’s stock had surged earlier in the year, but the recent slump, dropping 28% from its February peak, hit Zuckerberg hard.

Jeff Bezos

Amazon shares fell by 9%, marking their biggest drop since April 2022, taking $15.9 billion off Bezos’ wealth. The company’s stock has fallen over 25% from its February peak.

Elon Musk

Tesla CEO Elon Musk, already reeling from a $110 billion loss this year, saw his net worth drop by another $11 billion on Thursday. Despite previous optimism regarding US tariffs, Tesla’s stock fell by 5.5% as the broader market sell-off intensified.

Ernest Garcia III

The Carvana Co. CEO’s wealth plummeted by $1.4 billion after the company’s stock lost 20%. Despite a 425% surge over the past year, the stock has since fallen by 36%.

Tobi Lutke

Shopify’s CEO lost $1.5 billion, or 17% of his wealth, as the company’s shares plunged 20%. Shopify, which relies heavily on the import of goods, suffered along with the broader market, which saw its worst day since March 2020.

Bernard Arnault

The European Union braces for a 20% tariff on all products bound for the US, with sectors like alcohol and luxury goods expected to be hit hard. Arnault’s LVMH saw a sharp drop in shares, wiping $6 billion from his net worth.

Zhang Congyuan

The founder of Chinese shoemaker Huali Industrial Group Co. lost $1.2 billion, or 13% of his fortune, as Trump’s additional 34% tariff on China sent the company’s stock into freefall. Other footwear manufacturers, including Nike, Lululemon, and Adidas, also saw significant losses.