Elon Musk saw around $11 billion shaved off his wealth in the stock market bloodbath that followed President Donald Trump‘s unveiling of tariffs on Thursday, taking his overall losses since the beginning of 2025 to more than $110 billion.
That is according to financial data compiled by Bloomberg, which monitors the wealth of the world’s 500 richest people.
Musk, the CEO of Tesla and SpaceX, is a close political ally and major funder of Trump, and has been spearheading the Department of Government Efficiency’s (DOGE) cuts to federal spending.
But two other billionaires suffered even greater losses than Musk: Amazon‘s executive chairman Jeff Bezos and Meta CEO Mark Zuckerberg.
Bezos lost $15.9 billion from his personal wealth after the tariffs announcement as Amazon shares slid sharply, the data showed.
Zuckerberg topped the list of the biggest losers by dollars, down $17.9 billion as Meta shares took a hit in the sell-off.
Brutal Stock Market Losses
Trump’s tariffs on what he called “Liberation Day” will see a baseline of 10 percent applied to imports from nearly all of America’s major trading partners, with most facing a higher number. Trump says these tariffs are “reciprocal” of those faced by the U.S.
But there are warnings that the global trade war Trump has unleashed will push the American economy and others into recession, a fear that hammered stock markets after the president made his announcement on Thursday afternoon.
The S&P 500 sank 4.8 percent, more than in major markets across Asia and Europe, for its worst day since the pandemic crashed the economy in 2020.
The Dow Jones Industrial Average dropped 1,679 points, or 4 percent, and the Nasdaq composite tumbled 6 percent.
Little was spared in financial markets as fear flared about the potentially toxic mix of weakening economic growth and higher inflation that tariffs can create. Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies fell.
Some of the worst hits walloped smaller U.S. companies, and the Russell 2000 index of smaller stocks dropped 6.6 percent to pull more than 20 percent below its record.
Even gold, which hit records recently as investors sought something safer to own, pulled lower.
This is a developing story and more information will be added shortly.
This article includes reporting by The Associated Press.
ROBIN LEGRAND/AFP via Getty Images
