Priyanka Tiwari
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The world’s 500 richest individuals saw a combined $208 billion wiped from their net worth on Thursday. This massive drop came after President Donald Trump announced sweeping global tariffs, which triggered a steep selloff in stock markets worldwide.
Fourth-Largest Daily Wealth Drop in Bloomberg History
According to the Bloomberg Billionaires Index, this decline marks the fourth-largest single-day wealth drop in the ranking’s 13-year history and is the biggest since the Covid-19 market crash. On average, billionaire fortunes fell by 3.3%, with U.S. tech billionaires taking the hardest hits.
Top Billionaire Losses
Mark Zuckerberg
Meta’s shares sank by 9%, erasing $17.9 billion from Zuckerberg’s wealth — a 9% drop.
Meta had previously been a top performer in 2024, but its stock has dropped 28% since mid-February.
Jeff Bezos
Amazon shares fell 9%, cutting $15.9 billion from Bezos' fortune.
The stock is down more than 25% from its recent high.
Elon Musk
Musk lost $11 billion Thursday, adding to a $110 billion decline this year.
Tesla shares fell 5.5% as tariffs raised concerns, despite earlier optimism about Musk refocusing on Tesla operations.
Ernest Garcia III
The Carvana CEO’s net worth dropped $1.4 billion.
Carvana’s stock lost 20% after surging over 425% in the last year.
Tobi Lütke
Shopify’s CEO lost $1.5 billion as shares fell 20%.
The Canadian company, heavily reliant on imports, saw its biggest drop since March 2020.
Bernard Arnault
LVMH shares dipped amid fears over new 20% U.S. tariffs on EU products.
Arnault, Europe’s richest person, lost $6 billion.
Zhang Congyuan
Huali Industrial’s founder lost $1.2 billion due to a 34% tariff on Chinese goods.
Major footwear brands like Nike, Adidas, and Lululemon also suffered double-digit stock losses.
Carlos Slim: A Rare Gainer
Mexico’s richest man, Carlos Slim, was one of the few billionaires to see gains. The Mexican Bolsa rose 0.5% after Mexico was excluded from the new U.S. tariff list. Slim’s net worth jumped 4% to $85.5 billion.
Regional Trends and Global Impact
Over half of the billionaires tracked saw their fortunes decline.
The U.S. was the hardest-hit region.
The Middle East stood out as the only region with net gains on Bloomberg’s index.
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