Elon Musk loses $11B – He isn’t even the biggest loser: Trump’s tariffs lose $208B of billionaire fortune

The announcement of new tariffs under the banner of “Liberation Day” by President Donald Trump, a brutal sales bombarding global markets this week.

Meta CEO Mark Zuckerberg lost an astonishing $17.9 billion in a day at the heart of the storm. The tech tycoon’s total wealth is $189 billion, down $18.6 billion in 2025 alone, according to the Bloomberg Billionaire Index.

Amazon founder Jeff Bezos followed closely behind, raising $15.9 billion. Tesla Chief Elon Musk and Trump Ally’s advisory role and link to the Department of Government Efficiency (DOGE) are third. He saw his wealth cut overnight, causing his wealth to disappear, bringing his total loss to $110 billion in 2025.
“This is not only a technical correction. It is a direct result of radical policy action,” said David Bahnsen, chief investment officer of Barnson Group.

“Liberation Day” shockwave

Trump’s tariffs (all unraveled on Thursday without warnings) have a benchmark of 10%, most of which come from major U.S. trading partners, many of which will face steeper responsibilities. The president has made this move a patriotic effort to restore economic equity, saying:

“The market will flourish, stocks will flourish, the country will flourish…I think it’s very good.” Investors are seriously disagreeing. The S&P 500 fell 4.85% in one of the worst single-day drops since 2020, with a closure of 5,395.92. The Nasdaq Comprehensive crashed nearly 6% and Dow Jones fell nearly 4%. A total of 500 listed companies lost about $2.4 trillion in market value overnight, while technology companies took the lead. Reuters reported that tech giants alone deleted $760 billion in capitalization.

How much blood has the billionaire bleed?

Here is a breakdown of the top ten billionaires’ losses after the market crash:

Meanwhile, Microsoft founder Bill Gates suffered a relatively small loss, losing $774 million. Alphabet CEO Sundar Pichai lost $18 million. Apple CEO Tim Cook’s net worth fell by $68 million.

Technology beaten

Meta shares fell 9%, Amazon fell 6%, and Tesla fell 5.5%. NVIDIA relies heavily on Taiwan and Mexico to produce chips and AI hardware, down 4%. Alphabet and Apple also fell sharply in their after-get off work deals.

Microsoft’s storm was slightly better, but it still dropped by nearly 2%. Even defensive assets such as gold have fallen, and small indices such as Russell 2000 have also fallen by more than 6.6%.

Analysts point to fear that Trump’s tariffs will trigger a global recession, thus giving a toxic combination of inflation and growing growth.

Trump’s push for these detailed tariff changes to the International Emergency Economic Powers Act (IEEPA) could face legal scrutiny.

“The White House executive may be challenged in court in the coming weeks,” UBS warned, adding that the move could face pressure from businesses and lawmakers.

“In our basic case (we allocate 50% probability), we want to lower tariffs from the level announced by the president,” UBS said. “The president himself invited the negotiations.”

Trying to mitigate the blow, Treasury Secretary Bessent told Bloomberg that the new tariffs are “the high end of the numbers” that can be revised in light of trade negotiations.

Asian and European markets enter red along Wall Street. Investors are preparing for further losses. Futures for DOW and S&P 500 indicate that Friday’s trading could bring more pain.

The United States accounts for 26% of global GDP and half of global market capitalization. For India, the impact is serious – 43% of FPI equity assets (AUC) are closely related to the United States.

People’s meaning is becoming increasingly important, and they can fall into a comprehensive economic crisis from the start of political forces. As billionaires’ wealth evaporates and stocks sink, even Trump’s closest allies in the business may start to postpone.

(with input from Bloomberg, AP)