The financial chaos followed the announcement by former U.S. President Donald Trump, who imposed new tariffs affecting over 180 countries. The tariffs triggered widespread volatility in global markets, with U.S.-based billionaires being hit the hardest.
The massive sell-off in tech and auto stocks sent shockwaves through billionaire portfolios. Mark Zuckerberg, founder of Facebook’s parent company Meta, saw his net worth plummet by $17.9 billion, representing a 9% drop in a single day. This makes it the sharpest individual wealth decline recorded in this latest market shift.
Even Elon Musk, Trump’s ally and the CEO of Tesla and SpaceX, was not spared. Musk’s wealth declined by $11 billion after Tesla shares fell 5.5% due to concerns over rising manufacturing costs and trade uncertainties.
Amazon founder Jeff Bezos experienced a 9% decline in Amazon stock value—its steepest drop since April 2022—resulting in a personal wealth reduction of $15.9 billion.
Several other prominent American billionaires also saw significant declines:
Michael Dell (Dell Technologies): down $9.53 billion
Larry Ellison (Oracle): down $8.1 billion
Jensen Huang (Nvidia): down $7.36 billion
Larry Page (Google): down $4.79 billion
Sergey Brin (Google): down $4.46 billion
Thomas Peterffy (Interactive Brokers): down $4.06 billion
The cumulative impact underscores the vulnerability of high-net-worth individuals to sudden economic and policy shifts, especially in a highly interconnected global market.
Financial analysts warn that these losses, while concentrated among billionaires, may signal broader instability in global markets. If the tariffs continue to disrupt international trade flows, the ripple effect could extend to institutional investors and average shareholders alike.
While the markets have seen volatility before, the magnitude and speed of this decline underscore the significant impact of political decisions on global financial systems.