On Thursday, the combined fortunes of the 500 wealthiest individuals in Bloomberg’s global ranking dropped by an estimated USD 208 billion (equivalent to CZK 4.7 trillion). This marks the fourth-largest single-day decrease in the index’s 13-year history and the most substantial dip since the peak of the COVID-19 crisis. Analysts attribute this decline to a widespread sell-off in stock markets, triggered by then-US President Donald Trump’s announcement of major trade tariffs.
Over half of the people on the Bloomberg list were affected, with an average decrease of 3.3 percent. The hardest-hit were American billionaires, particularly Mark Zuckerberg—owner of social media giant Meta Platforms—and Jeff Bezos, founder of Amazon.
Not everyone felt the impact. Carlos Slim, who holds the title of Mexico’s richest individual, managed to buck the downward trend. Mexico’s stock market gained half a percentage point in response to the country’s removal from the so-called “reciprocal tariffs” list. As a result, Slim’s net worth climbed by around four percent, reaching USD 85.5 billion. The only other region to register a slight net gain was the Middle East.
Shares of Meta plunged by roughly nine percent on Thursday, causing Zuckerberg’s paper wealth to shrink by USD 17.9 billion—about nine percent of his total assets. This represented the single biggest loss for any billionaire in the index. Amazon shares also sank nine percent, the steepest drop since April 2022, leading to a paper loss of USD 15.9 billion for Bezos. Those losses would only be realized if they sold their shares at the reduced prices.
Elon Musk, CEO of the electric car maker Tesla, experienced an USD 11 billion decline in his wealth when the company’s shares slipped by 1.5 percent. Ernest Garcia III, CEO of used-car retailer Carvana, saw a USD 1.4 billion drop as his company’s stock price tumbled by 20 percent.
Shopify’s co-founder and CEO, Tobi Lütke, lost USD 1.5 billion—or around 17 percent of his fortune—after the e-commerce platform’s shares declined by 20 percent. Europe’s wealthiest individual, Bernard Arnault, watched his net worth shrink by USD 6 billion when stock in his luxury conglomerate, LVMH, took a hit. In China, Huali Industrial Group’s founder Zhang Tsungyuan recorded a USD 1.2 billion loss—13 percent of his overall wealth—reflecting the slump in share value for the shoemaking company.
