Photo credit: www.cnbc.com
President Donald Trump’s recent announcement regarding “reciprocal” tariffs has sent shockwaves through financial markets, resulting in significant losses for the world’s wealthiest individuals. The proposed tariffs have raised concerns about their potential impact on global trade and economic stability.
On Wednesday, Trump declared a baseline tariff of 10% on imports from all nations, effective April 5. Additionally, he outlined plans for specifically targeted tariffs, which could be as high as 50% for select countries and regions. This announcement caused a considerable decline in stock prices, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite experiencing drops of over 5% on Friday, compounding losses from the previous day.
According to Bloomberg’s Billionaires Index, the cumulative effect of the market’s decline erased approximately $30.9 billion from Elon Musk’s net worth, $23.49 billion from Jeff Bezos, and $27.34 billion from Mark Zuckerberg—the three richest individuals globally. The index recorded the largest two-day loss for its 500 wealthiest members, illustrating the financial fallout from the tariff announcements.
The majority of the wealth of these leading billionaires is tied to the valuations of their respective companies—Tesla, Amazon, and Meta. The technology sector, in particular, braced for harsh impacts due to its dependency on manufacturing processes, semiconductors, and IT services from nations such as China, India, and Taiwan.
In detail, the proposed tariffs reveal a 32% rate on Taiwanese imports, a 26% rate on Indian goods, and an increased total of 54% on products imported from China. Economic analysts from CNBC suggest that a downturn in U.S. economic growth could adversely affect advertising revenues for both Amazon and Meta.
Elon Musk, who acts as a close advisor to Trump and is perceived as a key figure in the administration’s Department of Government Efficiency, had already faced a significant decline in wealth throughout 2025. Tesla’s recent report indicated a mere 336,681 vehicles sold in the first quarter, marking a 13% decrease compared to the previous year and representing the company’s worst quarter since 2022.
This year, Musk’s total wealth has diminished by $130 billion, according to Bloomberg. Despite this, his current net worth is estimated at $302 billion, markedly greater than Bezos at $193 billion and Zuckerberg at $179 billion.
However, not all billionaires experienced losses during the tumultuous market days. Dan Gilbert, co-founder of Rocket Mortgage and owner of the Cleveland Cavaliers, saw a gain of $1.91 billion, boosting his net worth to $32.4 billion. Meanwhile, Carlos Slim, the Mexican businessman, initially gained $2.9 billion on Thursday but subsequently saw a decrease of $5.48 billion on Friday, as reported by the index.
Carlos Slim, renowned for his previous title as the world’s richest person from 2010 to 2013, began his economic career as a stock trader in Mexico in the 1960s. His wealth of approximately $80 billion largely stems from his holdings in Grupo Carso, an industrial conglomerate, as well as his telecommunications firm, América Móvil.
In a recent interview with Bloomberg, Slim expressed his belief that the tariffs announced by the Trump administration will serve as a temporary measure primarily aimed at negotiations. He conveyed that the U.S. must adapt its strategies moving forward, particularly with Trump suggesting openness to tariff rate negotiations amid conflicting statements from White House officials.
‘The U.S. doesn’t have any other alternative rather than changing how it does things,’ Slim remarked, highlighting the pressing need for economic adjustments.
Source
www.cnbc.com