Trump's tariffs wipe $200B from billionaires—Musk, Bezos, Zuckerberg hit hard
What's the story
US President Donald Trump's recent announcement of broad tariffs has wiped out a huge chunk of wealth from the world's 500 richest.
The billionaires' combined net worth plummeted by a staggering $208 billion on Thursday, the fourth-largest single-day drop in Bloomberg Billionaires Index's 13-year history.
The incident is also the biggest dip since the COVID-19 pandemic peaked.
Impact
US billionaires among those most affected
US billionaires were among the worst hit in this economic downturn.
High-profile names such as Meta's Mark Zuckerberg and Amazon's Jeff Bezos took a major hit.
More than half of the people tracked by Bloomberg's wealth index saw their fortunes decline, with an average dip of 3.3%.
Exceptions
Carlos Slim, others outside US escape tariff impact
Interestingly, Mexico's richest man, Carlos Slim, managed to escape the brunt of these tariffs.
Slim's net worth rose by around 4% to $85.5 billion as the Mexican Bolsa (Mexican Stock Exchange) rose 0.5% after Mexico was left out of Trump's list of reciprocal tariff targets.
The Middle East was another exception where those on Bloomberg's wealth index saw net gains for the day.
Losses
Zuckerberg, Bezos among day's biggest losers
Zuckerberg was the biggest dollar loser, with Meta's 9% slide costing him $17.9 billion or about 9% of his wealth.
Bezos also took a major hit as Amazon shares plummeted by 9%, its biggest drop since April 2022. This cost the company's founder $15.9 billion in personal wealth.
Tesla CEO Elon Musk has witnessed a total loss of $110 billion this year including an $11 billion hit on Thursday over falling deliveries and his controversial role as Trump's efficiency czar.
Additional losses
Other billionaires also faced significant losses
Other billionaires who took major hit include Carvana CEO Ernest Garcia III, whose wealth fell by $1.4 billion after his company's shares lost 20%.
Shopify's co-founder and CEO Tobi Lutke lost $1.5 billion or 17% of his fortune as Shopify's shares fell by 20% in Toronto.
Bernard Arnault's LVMH saw its shares fall in Paris over a potential new 20% flat tariff on all products bound for US. This wiped $6 billion off the net worth of Europe's richest person.