President Donald Trump’s sweeping “reciprocal” tariff announcement has triggered a historic plunge in global wealth, wiping out tens of billions of dollars from the net worths of the world’s richest people as markets tumbled for a second straight day.
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each sank over 5% on Friday, compounding Thursday’s steep losses following Trump’s announcement of a blanket 10% tariff on all imports and targeted tariffs of up to 50% on goods from specific countries. The moves, effective April 5, ignited fears of a global trade war and sent Wall Street into a tailspin.
According to Bloomberg’s Billionaires Index, Elon Musk, Jeff Bezos, and Mark Zuckerberg lost a combined $81.7 billion in just 48 hours—marking the largest two-day loss in the index’s history. Musk saw the biggest decline, shedding $30.9 billion as shares of Tesla, which relies heavily on international supply chains, slumped following disappointing first-quarter sales. His year-to-date loss now totals a staggering $130 billion.
Bezos lost $23.49 billion, while Zuckerberg’s fortune dropped by $27.34 billion as their companies—Amazon and Meta—bore the brunt of investor concerns over rising costs and falling advertising revenues in a potentially slowing U.S. economy.
The tech sector, particularly exposed due to its global manufacturing footprint and dependency on countries like China, India, and Taiwan, was hit hardest by Trump’s new tariff structure, which includes a 32% levy on Taiwan, 26% on India, and a 54% total rate on Chinese imports.
Musk, who currently serves as a senior advisor and head of the Department of Government Efficiency (DOGE), has seen his net worth shrink to $302 billion—still far ahead of Bezos ($193B) and Zuckerberg ($179B), but falling fast.
Not all billionaires were in the red. Rocket Mortgage co-founder Dan Gilbert gained $1.91 billion Friday, while Mexican telecom tycoon Carlos Slim briefly added $2.9 billion on Thursday before losing $5.48 billion the next day.
Speaking to Bloomberg, Slim downplayed the long-term effects of Trump’s trade offensive, calling the tariffs a negotiation tactic. “The U.S. doesn’t have any other alternative rather than changing how it does things,” he said.
Despite some White House officials insisting the tariffs are final, Trump hinted Thursday at potential room for negotiation—leaving investors and global leaders bracing for what could be a volatile road ahead.
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