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.
Why It Matters
The scale of the stock market losses underscores the level of concern investors have about the impact of tariffs on the economy. They also show how deeply some of America’s largest and most successful global businesses are exposed to the tariffs.
So far, the American business elite has largely tried to court Trump’s favor. But they may soon find themselves battling with him over trade as they bear the brunt of the retaliation against his tariffs all over the world, and investors push them to fight back.
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