Global Tariffs Rock Financial Markets
On Wednesday, Billionaire Losses from Trump Tariffs President announced a sweeping new global trade policy: a 10% flat tariff on all imports, with higher rates targeting major trade allies such as China, the EU, Japan, South Korea, and the UK.
By Thursday, financial markets responded with steep losses:
- Nasdaq Composite plunged 6% 📉
- S&P 500 dropped 5% 📉
- Major global markets in Europe, Hong Kong, and Japan followed suit 📉
For deeper analysis on how tariffs impact markets, read our related post: How Trade Wars Reshape Global Economies.
Billionaires Bear the Brunt of the Meltdown
$270 Billion Vanishes from Global Billionaire Fortunes
In just one day, the world’s 3,000 Billionaire Losses from Trump Tariffs staggering $270 billion. The hardest hit? Those closely tied to Trump—some of whom had previously supported his political or business ventures.
For more on billionaire wealth fluctuations, check out: The Most Volatile Billionaire Fortunes in 2024.
Top 10 Billionaires Who Lost the Most
1. Mark Zuckerberg – Loss: $17.9 Billion
- Meta (Facebook) stock fell 9%
- Once seated beside Trump at his 2017 inauguration, Zuckerberg’s political ties didn’t shield him from investor panic.
2. Jeff Bezos – Loss: $16 Billion
- Amazon stock nosedived 9%
- Bezos, who owns The Washington Post, had publicly criticized tariffs earlier this year.
3. Larry Ellison – Loss: $9.9 Billion
- Oracle stock fell 6%
- Ellison, a major Trump donor, also holds significant Tesla shares and recently invested $500 billion in a U.S. AI initiative backed by Trump.
4. Bernard Arnault – Loss: $8.6 Billion
- LVMH stock dipped 6%
- Arnault, once the world’s richest man, attended Trump’s inauguration with his LVMH executive children.
5. Elon Musk – Loss: $8.7 Billion
- Tesla stock declined 5%
- Musk, seen as a Trump ally in government efficiency projects, now faces financial strain after Tesla reported a 13% Q1 sales slump.
For a full breakdown of billionaire losses, see: Who’s Losing the Most in the 2024 Market Crash?
Others Hit by Tariff Turmoil
Tech Giants and Startup Leaders Also Take a Hit
- Michael Dell (Dell Technologies)
- Jensen Huang (Nvidia)
- Larry Page & Sergey Brin (Google)
Biggest Percentage Loss: Gary Friedman (RH)
- Lost 37% of his net worth after RH stock fell 40%
Falling Off the Billionaire Radar
Fashion Industry in Freefall
- Kenneth & Yvonne Lo (Crystal Worldwide Group) dropped below $1B after a 23% share decline
- Brian Hill (Aritzia) fell off the billionaire list after a 20% stock drop
For more on luxury market instability: Why High-End Retailers Are Struggling in 2024
And What About Trump?
Despite the market chaos, Donald Trump’s net worth only declined by 40million(now 4.6B), as Trump Media & Technology Group dipped just 3%.
For insights into Trump’s financial resilience: How Trump’s Wealth Survives Market Crashes
| Rank | Name | Source of Wealth | Net Worth (USD) | Loss (USD) |
|---|---|---|---|---|
| 1 | Mark Zuckerberg | $184.1 billion | –$17.9 billion | |
| 2 | Jeff Bezos | Amazon | $196.2 billion | –$16 billion |
| 3 | Larry Ellison | Oracle | $172.5 billion | –$9.9 billion |
| 4 | Michael Dell | Dell Technologies | $84.9 billion | –$9.4 billion |
| 5 | Elon Musk | Tesla, SpaceX | $378.1 billion | –$8.7 billion |
| 6 | Bernard Arnault | LVMH | $154 billion | –$8.6 billion |
| 7 | Jensen Huang | Semiconductors (Nvidia) | $89.3 billion | –$7.4 billion |
| 8 | Larry Page | $126.4 billion | –$4.9 billion | |
| 9 | Sergey Brin | $121.2 billion | –$4.6 billion | |
| 10 | Thomas Peterffy | Discount Brokerage | $48.4 billion | –$4.1 billion |
Final Thoughts
Billionaire Losses from Trump Tariffs have sent shockwaves through global markets, wiping out billions in billionaire wealth overnight. Will this lead to policy reversals, or will investors adapt?
Stay updated with NomiBlog for the latest financial analyses.
