The announcement of “reciprocal” tariffs by President Donald Trump sent tremors through Wall Street, resulting in a significant loss of billions in net worth for the world’s wealthiest individuals almost instantaneously.
On Wednesday, Trump revealed a baseline tariff of 10% on imported goods from all nations, set to commence on April 5, along with “individualized” tariffs reaching as high as 50% for certain countries and regions. This declaration triggered a severe downturn in the stock market: the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each plummeted by over 5% on Friday, following similar declines on Thursday.
Over the course of two days, this market decline erased $30.9 billion from Elon Musk’s net worth, $23.49 billion from Jeff Bezos, and $27.34 billion from Mark Zuckerberg—ranking them as the three richest individuals globally, according to Bloomberg’s Billionaires Index. This marked the largest two-day loss ever recorded for the world’s 500 wealthiest people, as reported by Bloomberg.
A significant portion of the net worth of these top three individuals is tied to the valuations of their companies: Tesla, Amazon, and Meta. The newly imposed tariffs are particularly impacting technology stocks, given the sector’s dependence on manufacturing, computer chips, and IT services from nations such as China, India, and Taiwan.
Trump’s announcement specified a 32% tariff on Taiwan, a 26% tariff on India, and an increase for China that raises its total tariff rate to 54% on imported goods. A slowdown in American economic growth could also adversely affect advertising revenues for Amazon and Meta, as noted by CNBC Investing Club with Jim Cramer on Thursday.
Musk, who serves as a close advisor to Trump and effectively leads the administration’s Department of Government Efficiency (DOGE), was already facing declines in his net worth in 2025. Tesla reported sales of 336,681 vehicles in the first quarter of this year on Wednesday, reflecting a 13% decrease compared to the previous year, marking its worst quarterly performance since 2022.
According to the Bloomberg index, Musk’s wealth has decreased by $130 billion this year, bringing his current estimated net worth to $302 billion. This figure significantly surpasses that of Bezos, who stands at $193 billion, and Zuckerberg, whose net worth is $179 billion.
However, not all billionaires experienced losses during the market downturn on Thursday and Friday. Dan Gilbert, co-founder of Rocket Mortgage and owner of the Cleveland Cavaliers, saw an increase of $1.91 billion on Friday, raising his net worth to $32.4 billion, as reported by Bloomberg. Meanwhile, Mexican entrepreneur Carlos Slim gained $2.9 billion on Thursday, only to lose $5.48 billion the following day, according to the index.
At 85 years old, Slim was recognized by Forbes as the world’s richest individual from 2010 to 2013. He began his career as a stock trader in Mexico during the 1960s. His estimated net worth of $80 billion is largely derived from his investments in his long-established industrial conglomerate, Grupo Carso, and the Latin American telecommunications company, América Móvil, as noted by Forbes.
In a recent interview with Bloomberg, Slim expressed his belief that the tariffs imposed by the Trump administration would be temporary and primarily serve as a negotiation strategy. On Thursday, Trump indicated a willingness to discuss tariff rates with other nations, despite assurances from White House aides to the contrary.
“The U.S. has no choice but to change its approach,” Slim stated.
