Top Billionaires Lose $70 Billion Following Trump’s China Tariff Threat
World’s wealthiest individuals, including Elon Musk and Jeff Bezos, saw their fortunes plummet as tech stocks crashed in response to former President Donald Trump’s proposed 130% tariffs on Chinese goods.
Key Takeaways
- Elon Musk lost $16 billion, the biggest hit among billionaires
- Tech giants including Amazon, Tesla and Nvidia saw sharp stock declines
- Trump announced 100% tariffs on Chinese goods effective November 1
- Despite losses, the top 10 billionaires still hold $2.9 trillion combined
Billionaire Wealth Erosion
According to Bloomberg’s Billionaires Index, Tesla CEO Elon Musk’s wealth dropped by approximately $16 billion after the company’s shares fell 5% on Friday, October 10. Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg each lost around $10 billion as their companies’ stocks declined 5% and 4% respectively.
Nvidia CEO Jensen Huang saw an $8 billion fall in his net worth as the chipmaker’s shares slid nearly 5%. Oracle cofounder Larry Ellison and Dell CEO Michael Dell lost more than $5 billion each due to fears of slower growth and further trade disruption.
Trump’s Tariff Announcement
Last week, Trump announced that from November 1, the US will impose a 100% tariff on Chinese goods and restrict China’s access to “any and all critical software.” This statement came after China restricted export controls on rare earth minerals, which are crucial to advanced tech manufacturing.
The announcement triggered a massive sell-off across technology stocks. Companies including Nvidia, Amazon, Tesla, and Microsoft all fell sharply, wiping out hundreds of billions of dollars in market value.
Trump attempted to reassure markets through a post on his Truth Social platform, stating: “Don’t worry, it will all be fine.”
Wealth Despite Setbacks
Despite Friday’s significant losses, the ten richest people maintain combined wealth exceeding $2.9 trillion. Musk leads with an estimated fortune of $437 billion, followed by Ellison at $351 billion, Zuckerberg at $248 billion, and Bezos at $240 billion.
Even after the market downturn, the group remains $385 billion wealthier than at the beginning of 2025, supported by this year’s rally in technology and AI stocks.
