Trump’s tariffs hammer billionaire fortunes

President Donald Trump’s sudden tariff announcement has sent shockwaves through the financial world, wiping out more than $81 billion from the combined wealth of Elon Musk, Jeff Bezos, and Mark Zuckerberg in just two days. 

The tariffs, set to take effect on April 5, 2025, include a 10% baseline tariff on all imports, as well as higher tariffs of up to 50% on select countries. These include China (54%), Taiwan (32%), and India (26%), making this one of the most aggressive moves in the ongoing trade battle.

The announcement sent global markets into a tailspin, hitting tech stocks particularly hard. The wealth of the world’s richest individuals took a massive hit. Elon Musk, whose fortune is tied primarily to Tesla and SpaceX, lost a staggering $30.9 billion. 

Despite the loss, Musk remains the richest person in the world, with a net worth of approximately $302 billion. Jeff Bezos, founder of Amazon, saw $23.49 billion vanish from his wealth, bringing his total to $193 billion. Mark Zuckerberg, CEO of Meta, lost $27.34 billion, leaving him with a net worth of $179 billion. 

Combined, these three tech titans lost $81.7 billion in just two days, marking the largest two-day wealth drop ever recorded for the world’s richest.

Musk’s financial setback is compounded by his prominent role in the Trump administration. While many reports refer to him as the head of the Department of Government Efficiency (DOGE), it is important to clarify that he holds the position of Senior Advisor to the President.

In this role, Musk works closely with the Trump administration on a variety of initiatives aimed at improving government efficiency. 

However, he does not hold an official leadership title within DOGE and functions as a special government employee without formal decision-making authority. 

Musk’s involvement in the administration has drawn mixed reactions, with some praising his ability to streamline operations, while others criticize the potential consequences of his policies on federal employees and public services.

While Musk, Bezos, and Zuckerberg faced enormous losses, not all billionaires saw their fortunes shrink. For example, Dan Gilbert, founder of Rocket Mortgage and owner of the Cleveland Cavaliers, gained $1.91 billion on Friday, bringing his total net worth to $32.4 billion. 

Similarly, Carlos Slim, the Mexican telecom magnate, saw his wealth fluctuate, adding $2.9 billion on Thursday, only to lose $5.48 billion on Friday.

With Trump’s tariffs set to take effect on April 5, markets remain volatile, and questions linger about potential long-term effects on both the global economy and individual wealth. 

Trump has hinted at the possibility of renegotiating these tariffs with some countries, despite earlier assertions that they were non-negotiable. 

The rapid decline in billionaire fortunes highlights the stark impact these new tariffs could have, especially on the tech sector, which remains highly dependent on international manufacturing and components.