Billionaires Lose $536 Billion as Trump Tariffs Spark Market Turmoil

The global financial markets experienced significant turmoil following the announcement by former U.S. President Donald Trump of new tariffs, which had a profound impact on the wealth of the world's top billionaires. Over the course of two consecutive days, from Thursday's market open to Friday's close, the world's top 500 billionaires collectively lost $536 billion. The most substantial loss occurred on Friday, with a single-day drop of $329 billion, marking the largest daily loss since the peak of the COVID-19 pandemic in 2020.

Among those affected, Tesla CEO Elon Musk suffered the most significant financial setback. Tesla's stock price plummeted by over 10% on Friday, resulting in a $310 billion reduction in Musk's net worth from Thursday's opening. This loss brought Musk's annual net worth decline to $1.3 trillion.

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