Trade War Wipes Out $58B in Wealth for Bezos, Musk, Zuckerberg in a Day
Monday saw significant financial losses for several prominent billionaires, primarily due to Trump's ongoing trade war. Jeff Bezos, Amazon's founder, lost a staggering $7.6 billion in a single day, while Mark Zuckerberg, Meta's CEO, saw his fortune decrease by $9.4 billion. Meanwhile, Elon Musk's wealth shrank by a combined $31 billion over the past week.
The trade war's impact on the ultra-wealthy has been substantial. Bezos has now lost around $45 billion since the beginning of the year, with Musk experiencing a drop of approximately $130 billion, a 30% decrease. Zuckerberg's losses total $28.1 billion this year. Even Warren Buffett, who managed to gain $12.7 billion despite initially losing $10.7 billion, has seen his net worth fluctuate significantly.
The US auto industry, closely tied to Trump until recently, has been particularly hard hit. Ford, for instance, faces multi-billion dollar costs due to Trump's tariffs on imported cars and parts. These losses are part of a broader trend, with billionaires collectively losing billions in a single day due to the trade policy's impact on stock markets.
The trade war's financial repercussions are far-reaching, affecting not just businesses but also the personal fortunes of some of the world's wealthiest individuals. Despite these losses, some billionaires, like Buffett, have managed to maintain or even increase their net worth. However, the overall trend suggests that the ongoing trade conflicts are having a significant impact on the global economy and the ultra-wealthy.
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