Mark Zuckerberg , Jeff Bezos , and Elon Musk lost a combined $42.6 billion in a single day after US President Donald Trump announced a fresh wave of tariffs that shook global markets. According to data from Forbes, Facebook-parent Meta’s CEO Mark Zuckerberg suffered the biggest loss, with his wealth dropping by $17.9 billion on Thursday, April 3. Amazon founder Jeff Bezos followed with a $16 billion decline, while Tesla CEO Elon Musk saw his net worth fall by $8.7 billion.
The losses came after President Trump introduced a new set of “discounted” reciprocal tariffs, which triggered panic on Wall Street. The announcement led to one of the worst trading days in recent years, with all major US stock indexes recording their biggest single-day drops since the COVID-19 pandemic. The sharp selloff reflects growing investor concern over the impact of tariffs on business costs, global trade, and tech sector performance.
How much Jensen Huang, Tim Cook and Sundar Pichai lostNvidia CEO Jensen Huang’s net worth dropped by $7.4 billion, while Microsoft founder Bill Gates saw a one-day loss of $774 million.
Alphabet co-founders Larry Page and Sergey Brin lost $4.9 billion and $4.6 billion, respectively. Alphabet CEO Sundar Pichai also faced a decline, with his wealth falling by $18 million. Apple CEO Tim Cook saw his net worth decrease by $68 million during the market selloff.
US markets plunge
Overnight, US markets took a steep hit following the announcement of new tariffs. The S&P 500 dropped 275.05 points, or 4.85 per cent, closing at 5,395.92. The Nasdaq Composite fell 1,053.60 points, or 5.99 per cent, to 16,547.45, while the Dow Jones Industrial Average declined by 1,682.61 points, or 3.98 per cent, finishing at 40,542.71.
Analysts at UBS said that legal challenges could arise soon against the White House’s use of executive authority to impose the tariffs. Trump announced the move under the International Emergency Economic Powers Act (IEEPA)—a law that has not been used before for such broad changes in 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 a note.
"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," the note added.
The losses came after President Trump introduced a new set of “discounted” reciprocal tariffs, which triggered panic on Wall Street. The announcement led to one of the worst trading days in recent years, with all major US stock indexes recording their biggest single-day drops since the COVID-19 pandemic. The sharp selloff reflects growing investor concern over the impact of tariffs on business costs, global trade, and tech sector performance.
How much Jensen Huang, Tim Cook and Sundar Pichai lostNvidia CEO Jensen Huang’s net worth dropped by $7.4 billion, while Microsoft founder Bill Gates saw a one-day loss of $774 million.
Alphabet co-founders Larry Page and Sergey Brin lost $4.9 billion and $4.6 billion, respectively. Alphabet CEO Sundar Pichai also faced a decline, with his wealth falling by $18 million. Apple CEO Tim Cook saw his net worth decrease by $68 million during the market selloff.
US markets plunge
Overnight, US markets took a steep hit following the announcement of new tariffs. The S&P 500 dropped 275.05 points, or 4.85 per cent, closing at 5,395.92. The Nasdaq Composite fell 1,053.60 points, or 5.99 per cent, to 16,547.45, while the Dow Jones Industrial Average declined by 1,682.61 points, or 3.98 per cent, finishing at 40,542.71.
Analysts at UBS said that legal challenges could arise soon against the White House’s use of executive authority to impose the tariffs. Trump announced the move under the International Emergency Economic Powers Act (IEEPA)—a law that has not been used before for such broad changes in 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 a note.
"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," the note added.
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