The global financial landscape experienced significant turbulence as the ten richest people collectively lost nearly $70 billion in a single day, driven by renewed apprehensions regarding a potential global trade war. This downturn in market sentiment followed an announcement by President Donald Trump, indicating plans for a 100% tariff on certain imports from China beginning November 1. The move came in response to China’s decision to impose tougher export controls on rare earth elements and other essential materials crucial for advanced technology manufacturing.
Elon Musk, CEO of Tesla, saw his fortune particularly impacted, with the electric vehicle manufacturer’s stock dropping by 5%. This decline resulted in a staggering $16 billion decrease in Musk’s net worth, as reflected in the Bloomberg Billionaires Index. Similarly, Jeff Bezos, the founder of Amazon, and Mark Zuckerberg, CEO of Meta, each endured substantial losses, with around $10 billion wiped off their net worths as Amazon’s shares fell by 5% and Meta’s dropped by almost 4%.
Following the trend, Jensen Huang, CEO of chipmaker Nvidia, faced an $8 billion hit due to a nearly 5% decline in the company’s stock price. Other notable figures, including Larry Ellison, co-founder of Oracle, and Michael Dell, CEO of Dell Technologies, also witnessed significant reductions in their wealth, each losing over $5 billion as investor concerns grew surrounding potential slowdown in growth and ongoing trade disruptions.
Despite this sharp decline, the collective wealth of the world’s ten richest individuals stood at over $2.9 trillion at the close of trading on Friday, with Musk at the forefront, boasting a net worth of $437 billion. Ellison followed with $351 billion, Zuckerberg with $248 billion, and Bezos with $240 billion. Although they collectively faced a substantial wealth reduction, they remained $385 billion richer than at the start of the year, with Ellison alone seeing a $159 billion increase, bolstered by Oracle’s remarkable 75% stock surge in 2025.
The concentration of wealth among these individuals is underscored by their significant holdings in major US tech firms. Such investments have greatly benefited them in light of the recent enthusiasm surrounding artificial intelligence, which has notably propelled tech stock valuations higher throughout the year.
In an attempt to remedy market fears, Trump took to social media platform Truth Social over the weekend to reassure investors, stating, “Don’t worry, It will all be fine.” As markets prepared to reopen on Monday, shares of Nvidia, Tesla, and Dell all showed early signs of recovery, trading 3% higher as of 6:40 a.m. ET, hinting at a potential rebound following the tumultuous prior trading day.
