Elon Musk, Mark Zuckerberg, Jeff Bezos: $74 bn gone! World's richest hit hard as Wall Street bleeds
Mark Zuckerberg lost $17.9 billion overnight and was last worth $189 billion. His wealth has eroded $18.6 billion in 2025. Jeff Bezos lost another $15.9 billion on overnight meltdown, which left him with a wealth of $201 billion.
- Apr 4, 2025,
- Updated Apr 4, 2025 8:30 AM IST
Meta's (Facebook) Mark Zuckerberg, Amazon's Jeff Bezos and Tesla and xAI owner Elon Musk took the biggest hit as top 500 Wall Street stocks eroded a combined $2.4 trillion in market value overnight. This is after the US President Donald Trump in a bid to 'Make America Great Again' imposed 'discounted' reciprocal tariffs on 'unfair' trading partners in what he termed as 'Liberation Day'.
The fears that the US could soon be in a severe recession weighed on stocks across the globe. The US accounts for 26 per cent of the global GDP and 48 per cent of the world’s market cap. For India, it accounts for 43 per cent of FPI equity asset under custody (AUC).
Mark Zuckerberg lost $17.9 billion overnight and was last worth $189 billion. His wealth has eroded $18.6 billion in 2025. Jeff Bezos lost another $15.9 billion on overnight meltdown, which left him with a wealth of $201 billion. This is as per the publicly available Bloomberg Billionaire index.
The world's richest and Trump aide Elon Musk saw his fortunes falling $11 billion to $322 billion. Michael Dell of Dell took $9.53 billion hit. Oracle Corporation's Larry Ellison was poorer by $8.10 billion. Jensen Huang of NVIDIA lost $7.36 billion. The worst hit 10 billionaires, including 9 American and one French, lost $89.32 billion in combined wealth overnight. The loss for top 10 billionaires stood at $74.08 billion, data compiled from Bloomberg showed.
Overnight, the S&P 500 tanked 275.05 points, or 4.85 per cent, to settle at 5,395.92 points. The the Nasdaq Composite slumped 1,053.60 points, or 5.99 per cent, to 16,547.45. The Dow Jones Industrial Average declined 1,682.61 points, or 3.98 per cent, to 40,542.71.
UBS said the White House’s executive authority is likely to be challenged in courts in the coming weeks. Trump announced the tariffs using the International Emergency Economic Powers Act (IEEPA), which has not previously been utilised to announce such sweeping changes to economic policy.
"Furthermore, businesses are likely to intensify lobbying efforts. And political pressure to ease tariffs could mount as economic costs rise," UBS said.
"In our base case (to which we assign a 50 per cent probability), we would expect tariffs to be reduced from the levels announced by the President. The President himself invited negotiations, and Treasury Secretary Bessent said in a Bloomberg interview that the announced tariffs are “the high end of the number” and that countries could take steps to bring tariffs down," UBS noted.
The process, however, will likely take time.
Meta's (Facebook) Mark Zuckerberg, Amazon's Jeff Bezos and Tesla and xAI owner Elon Musk took the biggest hit as top 500 Wall Street stocks eroded a combined $2.4 trillion in market value overnight. This is after the US President Donald Trump in a bid to 'Make America Great Again' imposed 'discounted' reciprocal tariffs on 'unfair' trading partners in what he termed as 'Liberation Day'.
The fears that the US could soon be in a severe recession weighed on stocks across the globe. The US accounts for 26 per cent of the global GDP and 48 per cent of the world’s market cap. For India, it accounts for 43 per cent of FPI equity asset under custody (AUC).
Mark Zuckerberg lost $17.9 billion overnight and was last worth $189 billion. His wealth has eroded $18.6 billion in 2025. Jeff Bezos lost another $15.9 billion on overnight meltdown, which left him with a wealth of $201 billion. This is as per the publicly available Bloomberg Billionaire index.
The world's richest and Trump aide Elon Musk saw his fortunes falling $11 billion to $322 billion. Michael Dell of Dell took $9.53 billion hit. Oracle Corporation's Larry Ellison was poorer by $8.10 billion. Jensen Huang of NVIDIA lost $7.36 billion. The worst hit 10 billionaires, including 9 American and one French, lost $89.32 billion in combined wealth overnight. The loss for top 10 billionaires stood at $74.08 billion, data compiled from Bloomberg showed.
Overnight, the S&P 500 tanked 275.05 points, or 4.85 per cent, to settle at 5,395.92 points. The the Nasdaq Composite slumped 1,053.60 points, or 5.99 per cent, to 16,547.45. The Dow Jones Industrial Average declined 1,682.61 points, or 3.98 per cent, to 40,542.71.
UBS said the White House’s executive authority is likely to be challenged in courts in the coming weeks. Trump announced the tariffs using the International Emergency Economic Powers Act (IEEPA), which has not previously been utilised to announce such sweeping changes to economic policy.
"Furthermore, businesses are likely to intensify lobbying efforts. And political pressure to ease tariffs could mount as economic costs rise," UBS said.
"In our base case (to which we assign a 50 per cent probability), we would expect tariffs to be reduced from the levels announced by the President. The President himself invited negotiations, and Treasury Secretary Bessent said in a Bloomberg interview that the announced tariffs are “the high end of the number” and that countries could take steps to bring tariffs down," UBS noted.
The process, however, will likely take time.