{"id":274110,"date":"2025-04-04T14:48:06","date_gmt":"2025-04-04T14:48:06","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/04\/04\/billionaires-lose-208-billion-as-trumps-tariffs-shake-global-markets-the-times-of-india\/"},"modified":"2025-04-04T14:48:06","modified_gmt":"2025-04-04T14:48:06","slug":"billionaires-lose-208-billion-as-trumps-tariffs-shake-global-markets-the-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/04\/04\/billionaires-lose-208-billion-as-trumps-tariffs-shake-global-markets-the-times-of-india\/","title":{"rendered":"Billionaires lose $208 billion as Trump\u2019s tariffs shake global markets – The Times of India"},"content":{"rendered":"
\"Billionaires<\/div>


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The combined wealth of the world’s 500 wealthiest individuals decreased by $208 billion on Thursday following US President Donald Trump’s announcement of broad tariffs, causing global markets to decline sharply.
This represents the fourth-largest single-day reduction in the Bloomberg Billionaires Index since its inception 13 years ago, surpassed only by declines during the peak of the Covid-19 crisis.
The wealth index showed that over 50 per cent of tracked billionaires experienced financial losses, with an average decrease of 3.3%. American billionaires were particularly affected, with Meta Platforms Inc.’s Mark Zuckerberg and Amazon Inc.’s Jeff Bezos experiencing significant losses.
Carlos Slim of Mexico was amongst the few non-US billionaires who remained unaffected by the tariffs. Meanwhile, the Mexican Bolsa increased by 0.5% after Mexico’s exclusion from reciprocal tariff targets, increasing Slim’s net worth by approximately 4% to $85.5 billion. The Middle East remained the sole region where Bloomberg-tracked billionaires recorded positive gains.<\/p>\n

Notable losses for the day<\/h3>\n<\/p>\n

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  • Mark Zuckerberg experienced the largest loss, with Meta’s 9% decline reducing his wealth by $17.9 billion. Meta had previously led the ‘Magnificent Seven’ tech stocks from January through mid-February, gaining over $350 billion in market value, before shares declined 28 per cent since mid-February.<\/li>\n
  • Amazon’s 9 per cent decline, its largest since April 2022, reduced Jeff Bezos’s personal wealth by $15.9 billion. The company’s shares have declined over 25 per cent from February’s peak.<\/li>\n
  • Tesla CEO Elon Musk’s wealth decreased by $11 billion on Thursday, contributing to a $110 billion reduction this year. Despite initial optimism about Tesla’s US manufacturing base and reports of Musk’s potential government work reduction, shares fell 5.5 per cent following the tariff announcement.<\/li>\n
  • Carvana Co CEO Ernest Garcia III’s wealth reduced by $1.4 billion as shares dropped 20 per cent. The company’s stock had previously increased over 425 per cent in the year through February 14, before declining 36 per cent.<\/li>\n
  • Shopify’s co-founder and CEO Tobi Lutke lost $1.5 billion as shares fell 20per cent in Toronto. <\/li>\n
  • LVMH’s Bernard Arnault’s wealth decreased by $6 billion following anticipated 20 per cent EU tariffs.<\/li>\n
  • Huali Industrial Group Co. founder Zhang Congyuan’s fortune decreased by $1.2 billion following Trump’s additional 34 per cent tariff on China. <\/li>\n
  • Major footwear manufacturers including Nike Inc., Lululemon Athletica Inc. and Adidas AG also experienced double-digit declines.<\/li>\n<\/ul>\n<\/div>\n

    Global markets shaken up<\/h3>\n<\/p>\n

    Global stock markets plunged as investors reacted to US President Donald Trump\u2019s latest tariffs and China\u2019s retaliatory measures. Wall Street faced heavy losses, with S&P 500 futures down 3.6%, the Dow Jones Industrial Average falling 3.4% below 40,000, and Nasdaq futures tumbling 4%. Thursday had already seen the worst U.S. market decline in five years, with losses between 4% and 6%.
    European markets fared even worse\u2014Germany\u2019s DAX dropped 5%, France\u2019s CAC 40 fell 4.2%, and Britain\u2019s FTSE 100 lost 3.8%. Asian markets were hit as well, with Japan\u2019s Nikkei 225 down 2.8% and South Korea\u2019s Kospi falling 0.9%.
    Major companies exposed to China\u2019s tariffs suffered sharp premarket declines, including Boeing (-6%) and Deere & Co. (-4.7%). Tech stocks were also hit hard, with Apple down 4.7%. Energy stocks slumped as oil prices plummeted 8%, bringing U.S. crude to its lowest level since 2021. Exxon Mobil and Chevron both lost around 4%.
    China\u2019s response included a 34% tariff on U.S. imports and tighter export controls on rare earths. This escalation has fueled concerns of a global slowdown, with economists warning of a potential 2% hit to US economic growth and inflation nearing 5%. Treasury yields dropped sharply as investors anticipated rate cuts to counter economic risks.<\/div>\n