Over the past two days, the 500 richest individuals in the world have lost a record $536 billion, resulting from shifts in trade policy.
Overall Losses and Their Cause
According to Bloomberg data, the largest decline occurred between the opening and closing of the U.S. stock market from Thursday to Friday. The market plummeted after President Donald Trump announced significant tariffs, leading to a 10.5% decrease in the S&P 500 and an 11.4% drop in the Nasdaq Composite.
Who Sustained the Biggest Losses
Tesla CEO Elon Musk experienced the most substantial individual loss, with his net worth decreasing by $31 billion, bringing his total losses for the year to $130 billion. Meta's Mark Zuckerberg and Amazon’s Jeff Bezos also faced significant setbacks, with losses of $27 billion and $16 billion, respectively.
Impact on Global Markets
These financial upheavals underscore how recent policy decisions can affect global markets and the fortunes of the world’s wealthiest individuals.
The decline in billionaire fortunes illustrates the risks associated with changes in trade policy and its impact on financial markets as a whole.
