A brutal wave of selling hit global markets this week after President Donald Trump announced a fresh volley of tariffs under the banner of “Liberation Day,” upending investor confidence and wiping out billions from the world’s richest individuals.
At the centre of the storm was Meta CEO Mark Zuckerberg, who lost a staggering $17.9 billion in a single day. The tech mogul now stands at $189 billion in total wealth, down $18.6 billion in 2025 alone, according to the Bloomberg Billionaire Index.
Amazon founder Jeff Bezos came in close behind, shedding $15.9 billion. Elon Musk, Tesla chief and a close Trump ally through his advisory roles and links to the Department of Government Efficiency (DOGE), was third on the list. He saw $11 billion wiped off his wealth overnight, bringing his total losses for 2025 to over $110 billion.
“This is not just a tech correction. It’s a direct consequence of aggressive policy moves that are shaking investor trust,” said David Bahnsen, Chief Investment Officer at The Bahnsen Group, speaking to Reuters.
A ‘Liberation Day’ shockwave
Trump’s tariffs—unveiled without warning on Thursday—set a baseline of 10% on most imports from America's major trading partners, many of which will face even steeper duties. The president framed the move as a patriotic push to restore economic fairness, saying:
“The markets are going to boom, the stock is going to boom, the country is going to boom … I think it’s going very well.”
Investors sharply disagreed. The S&P 500 plummeted 4.85% in one of its worst single-day drops since 2020, closing at 5,395.92. The Nasdaq Composite crashed nearly 6%, while the Dow Jones tumbled close to 4%.
In total, the top 500 public companies lost around $2.4 trillion in market value overnight, with tech firms bearing the brunt. Reuters reported that $760 billion in capitalisation was erased from tech giants alone.
How much did the billionaires bleed?
Here’s a breakdown of the top 10 billionaire losses following the market meltdown:
Microsoft founder Bill Gates, meanwhile, saw a comparatively modest loss of $774 million. Alphabet CEO Sundar Pichai lost $18 million. Apple CEO Tim Cook's net worth slipped by $68 million.
Tech takes a beating
Meta shares dropped 9%, Amazon fell 6%, and Tesla plummeted 5.5%. Nvidia, which relies heavily on Taiwan and Mexico for chip production and AI hardware, declined by 4%. Alphabet and Apple also fell sharply in after-hours trading.
Microsoft weathered the storm slightly better but still shed close to 2%. Even defensive assets like gold saw a dip, and small-cap indices such as the Russell 2000 slumped over 6.6%.
Analysts point to the fear that Trump’s tariffs could spark a global recession, creating a toxic mix of rising inflation and shrinking growth.
Trump’s use of the International Emergency Economic Powers Act (IEEPA) to push these sweeping tariff changes is likely to face legal scrutiny.
UBS warned, “The White House’s executive authority is likely to be challenged in courts in the coming weeks.” The bank added that the move could face pressure from businesses and lawmakers alike.
“In our base case (to which we assign a 50 per cent probability), we would expect tariffs to be reduced from the levels announced by the President,” UBS said. “The President himself invited negotiations.”
Treasury Secretary Bessent tried to soften the blow, telling Bloomberg the new tariffs are “the high end of the number” and could be revised depending on trade talks.
Markets across Asia and Europe followed Wall Street into the red. Investors are bracing for further losses. Futures for the Dow and S&P 500 suggest that Friday’s trading could bring more pain.
The US accounts for 26% of global GDP and nearly half of the world’s market cap. For India, the implications are severe—over 43% of FPI equity assets under custody (AUC) are tied to the US.
The sense is growing that what began as a political power play could spiral into a full-blown economic crisis. And as billionaire wealth evaporates and stocks sink, even Trump’s closest allies in business may begin to push back.
(With inputs from Bloomberg, AP)
At the centre of the storm was Meta CEO Mark Zuckerberg, who lost a staggering $17.9 billion in a single day. The tech mogul now stands at $189 billion in total wealth, down $18.6 billion in 2025 alone, according to the Bloomberg Billionaire Index.
Amazon founder Jeff Bezos came in close behind, shedding $15.9 billion. Elon Musk, Tesla chief and a close Trump ally through his advisory roles and links to the Department of Government Efficiency (DOGE), was third on the list. He saw $11 billion wiped off his wealth overnight, bringing his total losses for 2025 to over $110 billion.
“This is not just a tech correction. It’s a direct consequence of aggressive policy moves that are shaking investor trust,” said David Bahnsen, Chief Investment Officer at The Bahnsen Group, speaking to Reuters.
A ‘Liberation Day’ shockwave
Trump’s tariffs—unveiled without warning on Thursday—set a baseline of 10% on most imports from America's major trading partners, many of which will face even steeper duties. The president framed the move as a patriotic push to restore economic fairness, saying:
“The markets are going to boom, the stock is going to boom, the country is going to boom … I think it’s going very well.”
Investors sharply disagreed. The S&P 500 plummeted 4.85% in one of its worst single-day drops since 2020, closing at 5,395.92. The Nasdaq Composite crashed nearly 6%, while the Dow Jones tumbled close to 4%.
In total, the top 500 public companies lost around $2.4 trillion in market value overnight, with tech firms bearing the brunt. Reuters reported that $760 billion in capitalisation was erased from tech giants alone.
How much did the billionaires bleed?
Here’s a breakdown of the top 10 billionaire losses following the market meltdown:
Microsoft founder Bill Gates, meanwhile, saw a comparatively modest loss of $774 million. Alphabet CEO Sundar Pichai lost $18 million. Apple CEO Tim Cook's net worth slipped by $68 million.
Tech takes a beating
Meta shares dropped 9%, Amazon fell 6%, and Tesla plummeted 5.5%. Nvidia, which relies heavily on Taiwan and Mexico for chip production and AI hardware, declined by 4%. Alphabet and Apple also fell sharply in after-hours trading.
Microsoft weathered the storm slightly better but still shed close to 2%. Even defensive assets like gold saw a dip, and small-cap indices such as the Russell 2000 slumped over 6.6%.
Analysts point to the fear that Trump’s tariffs could spark a global recession, creating a toxic mix of rising inflation and shrinking growth.
Trump’s use of the International Emergency Economic Powers Act (IEEPA) to push these sweeping tariff changes is likely to face legal scrutiny.
UBS warned, “The White House’s executive authority is likely to be challenged in courts in the coming weeks.” The bank added that the move could face pressure from businesses and lawmakers alike.
“In our base case (to which we assign a 50 per cent probability), we would expect tariffs to be reduced from the levels announced by the President,” UBS said. “The President himself invited negotiations.”
Treasury Secretary Bessent tried to soften the blow, telling Bloomberg the new tariffs are “the high end of the number” and could be revised depending on trade talks.
Markets across Asia and Europe followed Wall Street into the red. Investors are bracing for further losses. Futures for the Dow and S&P 500 suggest that Friday’s trading could bring more pain.
The US accounts for 26% of global GDP and nearly half of the world’s market cap. For India, the implications are severe—over 43% of FPI equity assets under custody (AUC) are tied to the US.
The sense is growing that what began as a political power play could spiral into a full-blown economic crisis. And as billionaire wealth evaporates and stocks sink, even Trump’s closest allies in business may begin to push back.
(With inputs from Bloomberg, AP)
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