The world’s 500 richest people have witnessed a staggering collective loss of $536 billion in just two days, following President Trump’s tariff announcement. This massive wealth erosion has sent shockwaves across global markets, with US billionaires bearing the brunt of the losses.
Trump’s Tariff Announcement Wipes Out $536 Billion from Global Billionaires’ Wealth
Biggest Losers:
- Mark Zuckerberg: Meta CEO Mark Zuckerberg topped the list of biggest losers, with his wealth declining by $17.9 billion, a 9% drop.
- Jeff Bezos: Amazon founder Jeff Bezos lost $15.9 billion, while Tesla CEO Elon Musk saw his wealth decline by $11 billion.
Global Market Impact:
The tariff announcement triggered a bloodbath in the US markets, with the Dow Jones Industrial Average plummeting over 700 points. The losses were not limited to the US, as global markets also felt the pinch, with the MSCI All-Country World Index declining 2.5%.
Expert Insights:
Analysts warn that the escalating trade tensions between the US and China could lead to a prolonged period of market volatility. The tariff wars have already resulted in significant losses for investors and could have far-reaching consequences for the global economy.
Key Takeaways:
- The world’s 500 richest people lost a collective $536 billion in two days.
- US billionaires were the hardest hit, with nine out of the top 10 losers being from America.
- The tariff announcement triggered a global market sell-off, with the Dow Jones Industrial Average plummeting over 700 points.
Stay updated with the latest news and developments on the ongoing trade tensions and their impact on global markets.
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