Breaking News: Zuckerberg, Bezos and Musk each lose more than $23 billion after Trump tariffs spark market meltdown…see more

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.