A wave of losses swept the financial markets after announcing a new tariff by US President Donald Trump, as the 500 richest individuals in the world lost a total of $ 208 billion. The decision, which introduced a wide tariff on imported goods, caused a significant decrease in stock values, especially those that affect technology and luxury sectors.
according to BloombergThe loss is the fourth largest decrease in one day in the history of the 13-year-old Bloomberg Bloomberg Index since the peak of the Covid-19s. More than half of the individuals who followed in the index witnessed a decrease in their wealth, with an average decrease of 3.3 %.
Among the most difficult technology successes, technology giants were Mark Zuckerberg, Jeff Bezos and Eileon Musk. Zuckerberg, the founder of Meta platforms, witnessed his wealth by $ 17.9 billion, a decrease of 9 % in Meta shares, which was previously one of the best technology shares.
Likewise, bezos lost $ 15.9 billion, after a 9 % decrease in Amazon shares, which represents the largest decline since April 2022.
Musk losses were also large, as $ 11 billion decreased in his wealth, as Tesla’s share decreased by 5.5 %. MUSK’s total losses for this year amounted to $ 110 billion, which is due to its controversial role in the Trump administration and supply chain issues in Tesla.
Other prominent losses included Bernard Arnolt, the owner of the luxury commodity bloc, who lost $ 6 billion with his company’s shares drop due to the impact of definitions on the export of alcoholic and luxury goods.
Meanwhile, Carlos Selim, the richest man in Mexico, avoided losses, as Mexico was excluded from the list of customs tariffs, which led to a 4 % increase in his wealth.
Definitions also struck companies outside the technology industry. I witnessed Carvana Co. Its shares decreased by 20 %, which led to a loss of $ 1.4 billion to CEO Erney Garcia, while Shopify Tobi Lutke lost $ 1.5 billion, with the company’s shares drop by 20 % due to its dependence on imports.
The European Union is preparing for a 20 % flat tariff studio on all products heading to the United States, which is expected to increase the exports of goods such as alcohol and luxury items. The customs tariff for China also caused losses in the shoe sector, with the founder of Huali Industrial Group, Zhang Congyuan, lost $ 1.2 billion, and companies like NIKE and Adidas see sharp declines.
