In what’s now being called the biggest wealth drop in history, the world’s 500 richest individuals collectively lost a staggering $887 billion in just 48 hours. The trigger? A global stock market meltdown following U.S. President Donald Trump’s sweeping new tariffs on imports from all countries, according to Financial Review.
Between Thursday’s market open and Friday’s close, investors witnessed a bloodbath across indices. The S&P 500 plunged 10.5%, while the Nasdaq Composite tumbled 11.4%, marking the most severe dip since the height of the COVID-19 pandemic.
Nearly 90% of the billionaires listed on the Bloomberg Billionaires Index saw their fortunes shrink, with an average drop of 3.5% each. Friday alone wiped $329 billion from their collective net worths—on top of Thursday’s $208 billion loss.
Among those hit the hardest was Tesla CEO Elon Musk, whose net worth plunged $31 billion after Tesla stock dropped more than 10%. Musk’s total wealth loss this year has reached $130 billion, though he still holds the top spot globally with $322 billion, as per Business Insider.
Meta’s Mark Zuckerberg wasn’t spared either—his fortune dropped by $27 billion as Meta shares fell 14%.
Other tech titans like Jeff Bezos (Amazon) and Larry Ellison (Oracle) weren’t immune to the shockwave either, losing $15.9 billion and $8.1 billion, respectively.
As markets digest the ripple effects of Trump’s tariff move, one thing is clear: even the richest are not safe from the volatility of global policy shifts.
