In a major shift in global trade, Donald Trump’s announcement of sweeping border taxes has caused stock markets worldwide to reel, leaving some of the US president’s business allies to count the cost. Since Trump’s “liberation day” announcement last Wednesday, the world’s 500 richest people have collectively lost a staggering $536 billion (£417 billion) in the first two days alone. This marks the biggest two-day loss in wealth ever recorded by Bloomberg’s billionaires index.
Those closest to Trump, either through support or attendance at his inauguration in January, have seen their fortunes shrink considerably. Here is an overview of four of the tycoons worst affected by the market upheaval and one billionaire who has bucked the trend.
Elon Musk, the world’s richest man and the CEO of Tesla, has taken the greatest hit, with his net worth plummeting by $31 billion between the market opening on Thursday and its closing on Friday. This loss comes at a time when Tesla is already reeling from a potential buyer backlash over Musk’s contentious behavior in Trump’s administration. Now, Musk’s private rocket and satellite business, SpaceX, has become his most valuable asset, with his overall wealth falling by $130 billion this year.
Mark Zuckerberg, Facebook’s founder, and owner of Instagram and WhatsApp, suffered the next largest loss, at over $27 billion. The world’s third-richest individual experienced a substantial decline in Meta’s stock value, which dropped nearly 14% over two days as tech companies were particularly affected by the trade tensions. Zuckerberg’s estimated net worth has diminished by more than $28 billion so far this year.
Amazon’s Jeff Bezos, the world’s second-richest man, lost $23.5 billion in the two days following Trump’s announcement. Amazon’s market value has fallen by hundreds of billions this year, with a significant portion of Amazon’s third-party marketplace and cloud services relying on Asian tech and manufacturing. Additionally, Bezos’s $10 billion climate and biodiversity fund ceased funding one of the world’s most vital climate-certification organizations, a move perceived by some as a compromise with Trump’s stance on climate action.
Bernard Arnault, owner of the LVMH luxury goods empire and Europe’s richest person, saw his net worth drop to $158 billion after losing $6 billion on Thursday and over $5 billion on Friday due to Trump’s tariffs impacting the Asian manufacturing hubs of the global garment industry. Despite being friends with Trump since the early 1980s, Arnault’s business empire has been adversely affected by these new policies.
Not all billionaires have seen a decrease in their net worth. Warren Buffett, known as the “sage of Omaha,” has actually seen his wealth increase to $155 billion this year, despite a $2.57 billion loss during the two-day market turmoil. The chairman and major shareholder of Berkshire Hathaway saw $12.7 billion added to his net worth so far in 2025.
While some billionaires are grappling with significant financial losses, Buffett’s Berkshire Hathaway has stated that reports of his praise for Trump’s economic policies are false, following a deceptive social media post by Trump.
Source: https://www.theguardian.com/us-news/2025/apr/07/stock-market-loss-elon-musk-mark-zuckerberg-jeff-bezos
