Billionaires lose record $536 billion after tariffs

The world’s 500 richest people suffered the biggest two-day loss as fallout from President Donald Trump’s tariff announcement decimated global markets. Billionaires on the wealth list lost a collective $536 billion from Thursday’s stock market open to Friday’s close as the S&P 500 Index dropped 10.5% over the two days and the Nasdaq Composite fell 11.4%. Mark Zuckerberg led the way, losing $17.9 billion, and Jeff Bezos wasn’t far behind, with his net worth declining by $15.9 billion. Elon Musk, who works closely with Trump as a senior advisor and head of the administration’s Department of Government Efficiency, was already experiencing substantial financial losses in 2025. Tesla reported a sale of 336,681 cars in the first quarter of this year, a 13% drop, making it Tesla’s worst quarter since 2022. Bloomberg reports his fortune has taken a hit of $130 billion so far this year. However, his estimated net worth remains around $302 billion, ahead of Bezos at $193 billion and Zuckerberg at $179 billion. Not all billionaires experienced losses. Rocket Mortgage co-founder and Cleveland Cavaliers owner Dan Gilbert gained $1.91 billion on Friday, reaching a net worth of $32.4 billion. Mexican businessman Carlos Slim gained $2.9 billion on Thursday but lost $5.48 billion on Friday. Despite the losses, Slim remains optimistic, predicting that the Trump administration’s tariffs are likely temporary and primarily a negotiation tactic.

Billionaires’ historic two-day loss

In addressing the tariffs, Trump indicated openness to negotiating rates with other countries to mitigate the disruptions. The two-day market meltdown devastated many of the wealthiest individuals. Collectively, the decline wiped out $30.9 billion from Elon Musk, $23.49 billion from Jeff Bezos, and $27.34 billion from Mark Zuckerberg, according to Bloomberg’s Billionaires Index. This marked the largest two-day loss ever recorded by the index. Much of these billionaires’ net worth is tied to their publicly traded companies—Tesla, Amazon, and Meta (formerly Facebook). The newly announced tariffs have disproportionately impacted tech stocks due to the industry’s reliance on international manufacturing, computer chips, and IT services. Trump’s tariff announcement included a 32% tariff rate on imports from Taiwan, 26% from India, and an increase on China’s rate, bringing it to 54%. As President Donald Trump’s newly announced tariffs came into effect, the world’s richest people nearly lost billions of dollars in net worth overnight. On Wednesday, Trump announced a baseline 10% tariff for imported goods from all countries set to take effect on April 5, coupled with “individualized” tariffs on specific countries and regions. This announcement triggered a significant stock market decline: the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite fell by more than 5% on Friday, continuing similar losses from Thursday. Image Credits: Photo by Ivan Karpov on Unsplash