President Donald Trump’s announcement of new “reciprocal” tariffs sent shockwaves through Wall Street, wiping billions of dollars from the net worth of the world’s wealthiest individuals almost overnight.
On Wednesday, Trump unveiled a baseline 10% tariff on all imported goods, set to take effect on April 5, along with “individualized” tariffs of up to 50% on specific countries and regions. The announcement triggered a sharp selloff in the stock market, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each falling more than 5% on Friday, following similar losses on Thursday.
The two-day market downturn resulted in a staggering $30.9 billion loss in net worth for Elon Musk, $23.49 billion for Jeff Bezos, and $27.34 billion for Mark Zuckerberg, according to Bloomberg’s Billionaires Index. This marked the largest two-day loss ever recorded for the world’s 500 wealthiest individuals.
Much of the trio’s net worth is tied to their respective companies—Tesla, Amazon, and Meta—which were hit hard by the tariffs. The tech industry, heavily reliant on manufacturing, computer chips, and IT services from countries like China, India, and Taiwan, has been particularly affected.
Trump’s announcement included a 32% tariff on imports from Taiwan, a 26% tariff on India, and an increase for China, bringing its total tariff rate to 54%. A potential slowdown in U.S. economic growth could further impact advertising revenue for Amazon and Meta, according to CNBC’s Investing Club with Jim Cramer.
Musk, who serves as a senior advisor and the de facto head of the administration’s Department of Government Efficiency (DOGE), was already facing substantial losses in 2025. On Wednesday, Tesla reported first-quarter sales of 336,681 vehicles—a 13% decline from the previous year—marking its worst quarter since 2022.
So far this year, Musk’s fortune has plummeted by $130 billion, according to Bloomberg’s index. Despite the losses, his estimated net worth of $302 billion still places him ahead of Bezos, who is worth $193 billion, and Zuckerberg, whose fortune stands at $179 billion.
Some Billionaires Profit Amid Market Chaos
Not all billionaires suffered losses during the market turmoil. Rocket Mortgage co-founder and Cleveland Cavaliers owner Dan Gilbert gained $1.91 billion on Friday, raising his net worth to $32.4 billion, according to Bloomberg. Mexican businessman Carlos Slim saw his fortune rise by $2.9 billion on Thursday—before losing $5.48 billion on Friday.
At 85, Slim—who was the world’s richest person from 2010 to 2013, according to Forbes—built his fortune as a stock trader in Mexico in the 1960s. His estimated $80 billion net worth primarily comes from holdings in the industrial conglomerate Grupo Carso and Latin American telecom giant América Móvil.
Slim predicted that Trump’s tariffs would be temporary, serving mainly as a negotiation tactic. In an interview with Bloomberg on Tuesday, he stated, “The U.S. doesn’t have any other alternative rather than changing how it does things.”
Despite White House officials insisting otherwise, Trump suggested on Thursday that he would be open to negotiating tariff rates with other countries.