The introduction of new tariffs by the US administration on imports from most countries has led to significant financial losses for the wealthiest individuals on the planet. According to the Bloomberg Billionaires Index, the combined wealth of the world’s 500 richest people dropped by $208 billion. The biggest losses were felt by American billionaires, particularly Mark Zuckerberg and Jeff Bezos.
Meta’s stock fell by 9%, reducing the company’s CEO’s fortune by $17.9 billion. Overall, since mid-February, the company’s stock has decreased by approximately 28%.
Jeff Bezos Amazon’s stock also dropped by 9%, marking the largest decline since April 2022, costing its founder $15.9 billion. Since its peak in February, the company’s stock has fallen by more than 25%.
Elon Musk Tesla’s CEO lost $11 billion, contributing to a $110 billion drop in his wealth since the start of the year. Despite Tesla manufacturing a significant portion of its vehicles in the US, the company’s stock declined by 5.5%.
Zhang Zongyuan The White House imposed a 34% tariff on goods from China, severely impacting shares of the footwear company Huali Industrial Group. As a result, its founder lost $1.2 billion.
However, not all billionaires were affected by the tariffs. For example, the wealth of the richest man in Mexico, Carlos Slim, grew by around 4%, reaching $85.5 billion, as his country was excluded from the reciprocal tariff list. The only region to see net gains on this day for Bloomberg’s wealth index participants was the Middle East.
