A sweeping package of trade tariffs announced by US President Donald Trump triggered a brutal sell-off across global markets on Thursday, wiping out $208 billion from the fortunes of the world’s 500 richest individuals.
The shock drop marks the fourth-largest single-day decline in the Bloomberg Billionaires Index’s 13-year history and the worst since markets reeled during the early stages of the Covid-19 pandemic.
More than half of the billionaires tracked by Bloomberg saw their net worth shrink, with an average daily decline of 3.3%.
American tech moguls bore the brunt of the losses, with Meta Platforms Inc.’s Mark Zuckerberg and Amazon founder Jeff Bezos leading the list of biggest losers.
Zuckerberg, Bezos lead in losses as tech stocks nosedive
Meta founder Mark Zuckerberg recorded the steepest loss in dollar terms, with a 9% drop in the company’s stock slashing his fortune by $17.9 billion—roughly 9% of his total net worth.
Meta had been one of the strongest performers among the so-called Magnificent Seven tech giants earlier this year, gaining over $350 billion in market value between January and mid-February.
However, since then, the stock has declined by about 28%.
Jeff Bezos also suffered a significant blow, losing $15.9 billion as Amazon shares fell 9%—their worst drop since April 2022.
The e-commerce titan’s stock has now shed more than a quarter of its value since peaking two months ago, dragged down by supply chain uncertainties and heightened tariff exposure.
Musk loses $11 billion amid Tesla setbacks and political scrutiny
Elon Musk saw his fortune shrink by $11 billion on Thursday, contributing to a $110 billion loss in 2025 so far.
Tesla shares, which had seen a brief recovery on hopes that Musk would refocus on the automaker, dropped by 5.5% after the tariff announcement.
Despite having domestic manufacturing advantages, Tesla remains vulnerable to market sentiment tied to Musk’s political entanglements, especially his high-profile appointment to lead Trump’s new Department of Government Efficiency.
Founders of Carvana, Shopify, LVMH, and Huali also lose big
Ernest Garcia III, CEO of used-car platform Carvana, saw his wealth drop by $1.4 billion as shares plunged 20%. S
Shopify’s Tobi Lutke lost $1.5 billion, or 17% of his net worth, after shares in the Canadian e-commerce firm dropped 20% in Toronto.
The company relies heavily on cross-border sales of imported goods, making it highly sensitive to tariff changes.
Shares of LVMH, the luxury conglomerate led by Bernard Arnault and owner of brands like Christian Dior, Bulgari, and Loro Piana, declined in Paris trading, cutting $6 billion from the net worth of Europe’s richest individual.
Zhang Congyuan, founder of Chinese shoemaker Huali Industrial Group Co., saw his wealth shrink by $1.2 billion—about 13% of his total fortune—after a new 34% US tariff on Chinese goods sent the company’s shares sharply lower.
The impact rippled across the global footwear industry, with major brands such as Nike Inc., Lululemon Athletica Inc., and Adidas AG—each heavily reliant on manufacturing in Southeast Asia—posting double-digit stock declines.
Winners are few, with Mexico and Middle East bucking trend
Carlos Slim, Mexico’s wealthiest individual, was among the few billionaires outside the United States to benefit from the day’s market turmoil.
The Mexican Bolsa rose 0.5% after Mexico was left off the White House’s list of countries facing reciprocal tariffs, boosting Slim’s net worth by roughly 4% to $85.5 billion.
The Middle East was the only other region where members of Bloomberg’s wealth index posted net gains for the day.
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