The world’s ten richest people lost nearly $70 billion in a single day as global markets fell on fears of a renewed US–China trade war. The selloff followed President Donald Trump’s announcement of a 100% tariff on Chinese imports and new export restrictions on key software. As per the Bloomberg Billionaires index, the ten wealthiest individuals saw their combined fortunes shrink by $69 billion in total. The losses came as the Nasdaq fell 3.6% and the S&P 500 dropped 2.7%, marking their worst day since April.
According to Bloomberg’s Billionaires Index, Tesla CEO Elon Musk ’s wealth dropped by about $16 billion after the company’s shares fell 5% on Friday, October 10. Similarly, Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg each lost around $10 billion as their companies’ stocks declined 5% and 4%, respectively.
Nvidia CEO Jensen Huang, on the other hand, saw an $8 billion fall in his net worth as the chipmaker’s shares slid nearly 5%. Oracle cofounder Larry Ellison and Dell CEO Michael Dell lost more than $5 billion due to fears of slower growth and further trade disruption.
Trump’s tariff move rattles investors
Last week, Trump announced that from November 1, the US will impose a 100% tariff on Chinese goods and restrict China’s access to “any and all critical software.” The statement came after China restricted export controls on rare earth minerals, key to advanced tech manufacturing.
The announcement sparked a sharp sell-off across technology stocks. Nvidia, Amazon , Tesla, and Microsoft all fell sharply, erasing hundreds of billions of dollars in market value.
Trump sought to calm markets in a post on Truth Social platform, saying, “Don’t worry, it will all be fine.”
Billionaires still hold massive wealth
Despite Friday’s losses, the ten richest people remain worth over $2.9 trillion combined. Musk leads with an estimated fortune of $437 billion, followed by Ellison at $351 billion, Zuckerberg at $248 billion, and Bezos at $240 billion.
Even after the selloff, the group remains $385 billion wealthier than at the start of 2025, helped by this year’s rally in technology and AI stocks.
According to Bloomberg’s Billionaires Index, Tesla CEO Elon Musk ’s wealth dropped by about $16 billion after the company’s shares fell 5% on Friday, October 10. Similarly, Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg each lost around $10 billion as their companies’ stocks declined 5% and 4%, respectively.
Nvidia CEO Jensen Huang, on the other hand, saw an $8 billion fall in his net worth as the chipmaker’s shares slid nearly 5%. Oracle cofounder Larry Ellison and Dell CEO Michael Dell lost more than $5 billion due to fears of slower growth and further trade disruption.
Trump’s tariff move rattles investors
Last week, Trump announced that from November 1, the US will impose a 100% tariff on Chinese goods and restrict China’s access to “any and all critical software.” The statement came after China restricted export controls on rare earth minerals, key to advanced tech manufacturing.
The announcement sparked a sharp sell-off across technology stocks. Nvidia, Amazon , Tesla, and Microsoft all fell sharply, erasing hundreds of billions of dollars in market value.
Trump sought to calm markets in a post on Truth Social platform, saying, “Don’t worry, it will all be fine.”
Billionaires still hold massive wealth
Despite Friday’s losses, the ten richest people remain worth over $2.9 trillion combined. Musk leads with an estimated fortune of $437 billion, followed by Ellison at $351 billion, Zuckerberg at $248 billion, and Bezos at $240 billion.
Even after the selloff, the group remains $385 billion wealthier than at the start of 2025, helped by this year’s rally in technology and AI stocks.
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