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The five wealthiest individuals globally experienced a significant loss of around £40 billion following this event. Donald Trump set off a cascade of trade-altering duties.
It was a setback for the greatest victor over adversity. Facebook co-founder Mark Zuckerberg , who saw his net worth drop dramatically by $13.9 billion.
The financial hit came just days after it was revealed he has bought an £18million super-mansion in Washington DC To be nearer to the U.S. government.
Tech billionaires, including Meta Boss Mark Zuckerberg has tried to get closer to President Donald Trump following his electoral win in November.
According to the Bloomberg Billionaires Index, the five wealthiest individuals experienced a collective loss of £41.4 billion on Thursday following Mr. Trump’s declaration of a trade war. Leaders had cautioned that this move could cause significant disruption to the worldwide economy.
It is anticipated that their losses increased further yesterday as the stocks of prominent corporations kept declining.
Altogether, the accumulated wealth of the planet's 500 richest individuals dropped by $161 billion in a single day—the steepest one-day decrease since the height of the COVID-19 pandemic according to the index.
Significant losses were also experienced by Amazon’s stock. Jeff Bezos , who saw approximately $16.4 billion evaporate as investors rapidly exited, and the wealthiest individual, Elon Musk , who shed £8.5billion.
Billionaire luxury mogul Bernard Arnault experienced a loss of £4.8 billion, whereas Warren Buffett, renowned as the most famous investment guru, saw a decrease of £2 billion in his wealth.
Arnault’s domain of luxury fashion and accessories, encompassing brands like Louis Vuitton, Tiffany & Co, Christian Dior, Fendi, and Givenchy, faced a significant hit due to a 20 percent flat tariff imposed on goods imported from the EU to the U.S.
Unlike many of his contemporaries, Mexican telecommunications tycoon Carlos Slim managed to avoid the negative impact of the tariffs and saw an increase in his fortune by approximately $3 billion on Thursday. His net worth places him as the 18th wealthiest individual globally.
Messrs. Zuckerberg, Bezos, Musk, and Arnault were among those seated prominently at Mr. Trump’s inauguration in January.
Their attendance was notable as they were seated quite close to Mr. Trump, occupying positions usually saved for his family members or former Presidents.
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