A sweeping wave of new tariffs announced by former U.S. President Donald Trump triggered a massive sell-off in global markets last Thursday, wiping out $208 billion in combined wealth from the world’s 500 richest individuals.
The plunge marked the fourth-largest single-day loss in the 13-year history of the Bloomberg Billionaires Index and the most severe decline since the early days of the Covid-19 pandemic.
According to Bloomberg’s analysis, more than half of the billionaires tracked saw their net worth drop, with an average decline of 3.3%. The U.S.-based billionaires bore the brunt of the losses, with top tech moguls like Meta’s Mark Zuckerberg and Amazon’s Jeff Bezos leading the downturn.
However, not all billionaires were affected equally. Mexican telecom magnate Carlos Slim was among a few who benefited, with his net worth climbing by approximately 4% to $85.5 billion. The Mexican stock market saw a slight uptick after Mexico was left out of the White House’s tariff list.
The Middle East was the only region where members of the billionaire index recorded modest net gains.
Here’s a closer look at some of the biggest individual losses:
Mark Zuckerberg
Meta’s CEO suffered the largest single-day hit, losing $17.9 billion, nearly 9% of his total wealth, as the company’s shares dropped 9%. Meta had been leading the pack among major tech stocks earlier this year but has since declined roughly 28% since mid-February.
Jeff Bezos
Amazon’s founder lost $15.9 billion as the company’s shares also dropped 9%—their steepest decline since April 2022. The stock is now down over 25% from its February high.
Elon Musk
Tesla’s CEO saw an $11 billion reduction in his wealth on Thursday, contributing to a year-to-date loss of $110 billion. Despite earlier optimism that U.S.-based production might shield Tesla from tariffs, the company’s shares still fell 5.5% amid concerns over Musk’s government role and weak vehicle delivery numbers.
Ernest Garcia III
The CEO of Carvana lost $1.4 billion following a 20% drop in the company’s stock. Despite strong gains over the past year, the stock has fallen 36% since mid-February.
Tobi Lütke
Shopify’s co-founder and CEO lost $1.5 billion—17% of his fortune—as the company’s shares plummeted 20% in Toronto. Shopify’s heavy reliance on imported goods made it particularly vulnerable to the tariff announcements.
Bernard Arnault
As the European Union braces for a new 20% flat tariff on all U.S.-bound exports, luxury and alcohol brands have been particularly affected. Shares of Arnault’s luxury empire, LVMH, fell in Paris, cutting $6 billion from his wealth.
Zhang Congyuan
The founder of Huali Industrial Group, a Chinese footwear manufacturer, lost $1.2 billion—13% of his net worth—after Trump imposed a 34% tariff on Chinese imports. Western footwear companies such as Nike, Adidas, and Lululemon, which rely on Southeast Asian factories, also saw double-digit stock declines.
