Overview

• President Trump's announcement of sweeping tariffs on April 3 caused a global market selloff, erasing $536 billion from the fortunes of the 500 richest individuals over two days.
• Elon Musk suffered the largest individual loss, with $31 billion wiped from his net worth as Tesla's stock dropped over 10%.
• Mark Zuckerberg lost $27 billion, following a nearly 14% decline in Meta's share price over two days, including a 9% drop on April 3 alone.
• The S&P 500 and Nasdaq indices fell sharply, dropping 10.5% and 11.4%, respectively, as investors reacted to the tariffs' economic implications.
• While most billionaires faced losses, Nike co-founder Phil Knight gained $84 million due to speculation about tariff relief for Vietnamese goods.