Billionaires lose $208 billion as Trump's tariffs shake global markets

The combined wealth of the world's 500 wealthiest individuals decreased by $208 billion on Thursday following US President Donald Trump's announcement of broad tariffs, causing global markets to decline sharply.

This represents the fourth-largest single-day reduction in the Bloomberg Billionaires Index since its inception 13 years ago, surpassed only by declines during the peak of the Covid-19 crisis.

The wealth index showed that over 50 per cent of tracked billionaires experienced financial losses , with an average decrease of 3.3%. American billionaires were particularly affected, with Meta Platforms Inc.'s Mark Zuckerberg and Amazon Inc.'s Jeff Bezos experiencing significant losses.

Carlos Slim of Mexico was amongst the few non-US billionaires who remained unaffected by the tariffs. Meanwhile, the Mexican Bolsa increased by 0.5% after Mexico's exclusion from reciprocal tariff targets, increasing Slim's net worth by approximately 4% to $85.5 billion. The Middle East remained the sole region where Bloomberg-tracked billionaires recorded positive gains.

Notable losses for the day

• Mark Zuckerberg experienced the largest loss, with Meta's 9% decline reducing his wealth by $17.9 billion. Meta had previously led the 'Magnificent Seven' tech stocks from January through mid-February, gaining over $350 billion in market value, before shares declined 28 per cent since mid-February.
• Amazon's 9 per cent decline, its largest since April 2022, reduced Jeff Bezos's personal wealth by $15.9 billion. The company's shares have declined over 25 per cent from February's peak.
• Tesla CEO Elon Musk's wealth decreased by $11 billion on Thursday, contributing to a $110 billion reduction this year. Despite initial optimism about Tesla's US manufacturing base and reports of Musk's potential government work reduction, shares fell 5.5 per cent following the tariff announcement.
• Carvana Co CEO Ernest Garcia III's wealth reduced by $1.4 billion as shares dropped 20 per cent. The company's stock had previously increased over 425 per cent in the year through February 14, before declining 36 per cent.
• Shopify's co-founder and CEO Tobi Lutke lost $1.5 billion as shares fell 20per cent in Toronto.
• LVMH's Bernard Arnault's wealth decreased by $6 billion following anticipated 20 per cent EU tariffs.
• Huali Industrial Group Co. founder Zhang Congyuan's fortune decreased by $1.2 billion following Trump's additional 34 per cent tariff on China.
• Major footwear manufacturers including Nike Inc., Lululemon Athletica Inc. and Adidas AG also experienced double-digit declines.

Global markets shaken up
Global stock markets plunged as investors reacted to US President Donald Trump’s latest tariffs and China’s retaliatory measures. Wall Street faced heavy losses, with S&P 500 futures down 3.6%, the Dow Jones Industrial Average falling 3.4% below 40,000, and Nasdaq futures tumbling 4%. Thursday had already seen the worst U.S. market decline in five years, with losses between 4% and 6%.

European markets fared even worse—Germany’s DAX dropped 5%, France’s CAC 40 fell 4.2%, and Britain’s FTSE 100 lost 3.8%. Asian markets were hit as well, with Japan’s Nikkei 225 down 2.8% and South Korea’s Kospi falling 0.9%.

Major companies exposed to China’s tariffs suffered sharp premarket declines, including Boeing (-6%) and Deere & Co. (-4.7%). Tech stocks were also hit hard, with Apple down 4.7%. Energy stocks slumped as oil prices plummeted 8%, bringing U.S. crude to its lowest level since 2021. Exxon Mobil and Chevron both lost around 4%.

China’s response included a 34% tariff on U.S. imports and tighter export controls on rare earths. This escalation has fueled concerns of a global slowdown, with economists warning of a potential 2% hit to US economic growth and inflation nearing 5%. Treasury yields dropped sharply as investors anticipated rate cuts to counter economic risks.