The combined fortunes of the world's 500 richest people fell by $208 billion on Thursday as a result of massive tariffs announced by US President Donald Trump, with American billionaires suffering the most.
Points of attention
- President Trump's announcement of massive tariffs caused a $208 billion decline in the combined wealth of the world's 500 richest individuals in a single day.
- American billionaires such as Mark Zuckerberg and Jeff Bezos suffered substantial losses, with Zuckerberg losing $17.9 billion and Bezos losing $15.9 billion.
- Tesla CEO Elon Musk also experienced significant losses, including $110 billion, due to the plummeting shares of the electric car maker after the tariff announcement.
US billionaires hit by Trump tariffs
This was the fourth-largest one-day decline in the 13-year history of the Bloomberg Billionaires Index and the largest since the COVID-19 pandemic.
More than half of the billionaires on the Bloomberg list suffered losses, falling an average of 3.3%. Americans Mark Zuckerberg and Jeff Bezos suffered the most.
Zuckerberg lost $17.9 billion after Meta shares fell 9%, while Bezos lost $15.9 billion as Amazon shares also fell 9%.
Tesla CEO Elon Musk lost $110 billion, including $11 billion on April 3 as the electric car maker's shares plunged. The company's shares fell 5.5% on Thursday after the tariffs were announced.
Carvana CEO Ernest Garcia III lost $1.4 billion after the used car retailer's shares fell 20%.
Shopify co-founder Toby Luetke lost $1.5 billion. Shares of the company, which makes most of its revenue from selling imported goods, fell 20% in Toronto.
LVMH owner Bernard Arnault also suffered losses as his fortune was reduced by $6 billion due to the company's shares falling due to expected customs restrictions on the export of alcohol and luxury goods to the United States.
