This marked the largest loss ever recorded on the Bloomberg Billionaires Index, as reported by the financial agency.
Nearly 90% of the billionaires listed experienced financial losses on Thursday and Friday due to significant declines in global stock markets, which continue today.
As of today, data reveals that Elon Musk, CEO of Tesla and now a prominent figure in Donald Trump’s administration, remains the world’s richest individual. However, he also leads in losses, with approximately 18 billion euros (20 billion dollars) lost in a single day. Over the past year, Musk has lost more than 118 billion euros (130 billion dollars), according to Bloomberg’s data.
Other billionaires facing declines include Warren Buffett of Berkshire Hathaway, Mark Zuckerberg of Meta, which owns Facebook, Instagram, and WhatsApp, Jeff Bezos of Amazon, and Larry Ellison of Oracle, among others.
Markets are being impacted by the tariffs imposed by U.S. President Donald Trump on the United States’ trading partners, along with the retaliatory measures announced by China, which may prompt similar actions from other major economies such as the European Union.
On April 2, the U.S. President announced reciprocal tariffs on the country’s trading partners but expressed willingness to negotiate should there be “phenomenal” offers on the table.
Analysts and investment banks have been lowering their forecasts for global economic growth, particularly concerning the U.S. GDP, following the announcement of the new tariffs, which are higher than anticipated.
Investment bank Goldman Sachs increased the likelihood of a recession in the United States from 35% to 45%, while JPMorgan set the probability at 60%, S&P Global at 30-35%, and HSBC at 40%.
