Tech billionaires Elon Musk, Jeff Bezos, and Mark Zuckerberg have collectively lost over $80 billion in the past few days as global markets plunged following President Donald Trump's sweeping tariff announcements. The market selloff, which began on Thursday after Trump revealed plans to impose up to 60% tariffs on some imports, continued through Friday, resulting in the worst trading week since the COVID-19 pandemic. According to CNBC, Zuckerberg suffered the largest individual loss at $27.34 billion, while Bezos lost $23.49 billion and Musk saw $30.9 billion wiped from his fortune.
The dramatic wealth erosion occurred as Wall Street experienced its sharpest downturn in years. All major U.S. stock indexes recorded their biggest single-day drops since the pandemic. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite plummeted by over 5% on Friday, following similar declines the previous day.
"This market slide resulted in a staggering loss of $30.9 billion in worth for Musk, $23.49 billion for Jeff Bezos, and $27.34 billion for Mark Zuckerberg—ranking them as the three wealthiest individuals according to Bloomberg's Billionaires Index," CNBC reported.
The Tariff Announcement That Shook Markets
The market turmoil began when President Trump announced a foundational tariff of 10% on imports from all nations, scheduled to commence on April 5, along with "customized" tariffs reaching up to 50% for specific countries and regions. The announcement triggered immediate panic across global financial markets.
Trump's tariff plan specifically mentioned a 32% rate on imports from Taiwan, a 26% rate on imports from India, and an increase for China that escalated its total tariff to 54%. The president described the move as "Liberation Day" in his effort to "Make America Great Again."
The tariff news particularly hard hit the tech sector due to its heavy dependence on global supply chains, including manufacturing, computer chips, and IT services from countries such as China, India, and Taiwan. CNBC states, "A slowdown in the U.S. economy could also negatively influence advertising revenues for both Amazon and Meta."
Billionaire Wealth Evaporates
The market meltdown has devastated the fortunes of the world's wealthiest individuals, with tech leaders bearing the brunt of the losses.
Mark Zuckerberg, CEO of Meta Platforms, suffered the most significant dollar loss on Thursday as the company's shares dropped by 9%, eroding $17.9 billion, or roughly 9% of his fortune. By Friday, his two-day losses had mounted to $27.34 billion. Meta's stock had surged earlier in the year but has since dropped 28% from its February peak.
Jeff Bezos, founder of Amazon, saw his wealth decline by $23.49 billion over the two days as Amazon shares fell by 9% on Thursday alone, marking their most significant drop since April 2022. According to Bloomberg, despite this massive loss, Bezos still maintains a net worth of approximately $193 billion.
Elon Musk, CEO of Tesla and a close ally of President Trump, lost $30.9 billion in the two-day market rout. This adds to his already significant losses in 2025, with his wealth reportedly down by $130 billion this year alone. Despite these losses, Musk remains the world's richest person with an estimated net worth of $302 billion.
"Tesla CEO Elon Musk, already reeling from a $110 billion loss this year, saw his net worth drop by another $11 billion on Thursday. Despite previous optimism regarding US tariffs, Tesla's stock fell by 5.5% as the broader market sell-off intensified," reported Tribune.
Historic Market Decline
The scale of the market decline has been historic. According to the Tribune, "The combined wealth of the world's 500 richest individuals plummeted by $208 billion on Thursday, following a sharp market downturn triggered by US President Donald Trump's announcement of broad tariffs."
This marked the fourth-largest one-day drop in the Bloomberg Billionaires Index's history and the largest since the height of the COVID-19 pandemic. Over half of the billionaires tracked by the index saw their fortunes shrink, with the average loss at 3.3%.
The top 500 wealthiest individuals witnessed the most significant two-day decline ever recorded by Bloomberg's Billionaires Index, highlighting the severity of the market reaction to Trump's tariff announcement.
Tech Stocks Lead the Decline
The technology sector was particularly vulnerable to the tariff news, with major tech companies seeing significant declines in their stock prices.
According to Reuters data cited by Times of India, "About $760 billion in market capitalisation was lost by tech giants collectively. Apple led the sharp selloff, tumbling nearly 6% in after-hours trading. Nvidia shares fell around 4% amid worries over its Taiwan-based chip production and Mexico-assembled AI hardware."
Other tech leaders also saw substantial losses in their wealth. Nvidia CEO Jensen Huang's net worth dropped by $7.4 billion, while Microsoft founder Bill Gates saw a one-day loss of $774 million. Google-parent Alphabet co-founders Larry Page and Sergey Brin lost $4.9 billion and $4.6 billion, respectively, while Alphabet CEO Sundar Pichai witnessed a loss of $18 million.
Not All Billionaires Lost
While most billionaires saw their wealth decline, few bucked the trend. Dan Gilbert, co-founder of Rocket Mortgage and owner of the Cleveland Cavaliers, saw his wealth increase by $1.91 billion on Friday, raising his total net worth to $32 billion, according to the Bloomberg index.
Similarly, Mexico's richest man, Carlos Slim, saw his wealth rise by 4% on Thursday after the Mexican Bolsa gained 0.5% due to Mexico being excluded from the list of US tariff targets. However, Slim's fortune declined by $5.48 billion the following day as the global market selloff intensified.
The Tribune reported, "The Middle East was the only region where the wealth index saw net gains for the day, as some individuals there managed to weather the storm."
The Human Perspective
Despite the eye-watering losses, these billionaires remain extraordinarily wealthy by any standard. The Economic Times put Bezos's loss in perspective: "Jeff Bezos just lost a staggering $23.49 billion in the latest stock market crash, but he's still the world's second richest man with $193 billion in net worth."
The publication further noted that Bezos "still earns more in 13 minutes than the average U.S. worker does in a lifetime," highlighting the vast wealth disparity that persists even after such significant market losses.
This context is essential for understanding the relative impact of these losses. While the dollar amounts are enormous, they represent a relatively small percentage of these billionaires' overall wealth and have little effect on their lifestyles or financial security.
Market Fears and Economic Implications
The market reaction reflects deep concerns about the potential economic impact of Trump's tariff policies. Investors worry that broad tariffs could disrupt global supply chains, increase consumer prices, and potentially trigger retaliatory measures from trading partners.
White House Treasury Secretary Scott Bessent previously denied that stock market declines were a consequence of tariffs, instead blaming the tech world's "Magnificent Seven" (Apple, Amazon, Tesla, Alphabet, Microsoft, Meta, Nvidia) for their "overpriced" stocks and overreliance on AI.
"Bessent called it a 'Mag 7 problem not a MAGA problem,'" according to UNILAD Tech, "but it's unclear whether those at the helm of many of these tech giants would necessarily feel the same way now."
The tariff announcement has raised fears that the U.S. could soon enter a severe recession, weighing on stocks worldwide. The market reaction suggests investors are pricing in significant economic disruption from the proposed tariffs.
Market Uncertainty Continues
As markets open for a new week, investors remain on edge about the potential implementation and impact of Trump's tariff policies. The dramatic losses experienced by tech billionaires highlight the interconnectedness of global markets and the vulnerability of even the wealthiest individuals to policy decisions.
While these billionaires have lost staggering sums in the short term, their fortunes remain enormous. The long-term impact on their wealth will depend on how markets adjust to the new tariff reality and whether the policies are fully implemented as announced.
For now, the market volatility is a stark reminder of how quickly vast fortunes can fluctuate in response to political decisions and economic policies, even as the underlying wealth inequality in society remains unchanged.