Following the latest tariff imposition by U.S. President Donald Trump, global markets experienced severe turmoil. As a result, the world’s top 500 billionaires collectively lost $208 billion in a single day.
This marks the fourth-largest one-day drop in the 13-year history of the Bloomberg Billionaires Index, and the biggest since the COVID-19 pandemic.
According to Bloomberg’s wealth index, more than half of the tracked business moguls saw a decline in fortune, with their wealth shrinking by an average of 3.3%.
The biggest losses were suffered by American billionaires, particularly Meta CEO Mark Zuckerberg and Amazon founder Jeff Bezos.
One of the few billionaires spared from the effects of Trump’s tariffs was Carlos Slim, Mexico’s richest man. Trump’s tariff list didn’t include Mexico, and after escaping Wednesday’s blow, the Mexican stock exchange index rose by 0.5% on Thursday, boosting Slim’s wealth by 4%, or $8.5 billion.
The Middle East was the only region where individuals tracked on Bloomberg’s wealth index didn’t lose any money on Thursday.
Mark Zuckerberg
On Thursday, Meta’s founder Mark Zuckerberg lost the most money—$17.9 billion—after the company’s stock dropped 9%. This equals 9% of his total wealth.
Jeff Bezos
Amazon shares also fell by 9%—their biggest drop since April 2022. Bezos, the tech giant’s founder, saw a $15.9 billion reduction in his personal fortune.
Elon Musk
So far this year, Tesla CEO Elon Musk has lost $110 billion in wealth. On Thursday alone, his wealth dropped by $11 billion. Delays in product delivery and his controversial role in Trump’s administration are reportedly causing Tesla’s share prices to decline.
Ernest Garcia
Carvana CEO Ernest Garcia lost $1.4 billion after the used car company’s stock plunged 20% on Thursday.
Tobias Lütke
Tobias Lütke, co-founder and CEO of Canadian e-commerce company Shopify, lost $1.5 billion, which is 17% of his total wealth. Shopify’s stock dropped 20% in Toronto.
Bernard Arnault
Trump imposed a flat 20% tariff on all products from the European Union. This move hit exports of luxury goods like wine. As a result, the share price of Arnault’s LVMH fell in Paris, and Europe’s richest man lost $6 billion.
Zhang Songwan
Zhang Songwan, founder of Chinese shoe-making firm Huayi Industrial Group, lost $1.2 billion on Thursday—13% of his total fortune. Trump has imposed a 34% tariff on Chinese goods. Several U.S. and European shoe companies also saw a drop in stock prices on the same day.