With President Donald Trump's Trumpenomics continuing to hurt the stock market, some of the world's richest people have lost over half a trillion dollars.
While the POTUS' grand plans hope to usher in the new 'Gilded Age' of America, the early signs are that it's doing the opposite as he's accused of triggering a global trade war.
As soon as Donald Trump announced his reciprocal tariffs, it was clear that the likes of China and the European Union were going to be hit particularly hard, with both being previous targets of his complaints.
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There are fears about what will happen to the tech industry in the wake of these tariffs, with the prices of everything from the iPhone to the new Nintendo Switch 2 poised to climb through the roof.
We've already seen the 10 richest people in the world take a hit to their net worth, but now, there are reports they’ve lost over half a trillion dollars in just two days.
As pointed out by Bloomberg, the 500 richest people in the world have suffered the biggest two-day loss ever on the Bloomberg Billionaires Index.
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The site notes how those on its index lost a total of $536 billion, while the S&P 500 Index dropped 10.5% over two days, and the Nasdaq Composite dipped by 11.4%.
Prior to this, it was March 11 and 12 in 2020, wiping $453 billion off their net worths.
90% of the billionaires who are tracked watched their fortunes fumble, with an average decline of 3.5%.
It will come as no surprise that the world's richest man was struck hardest, with Elon Musk losing $31 billion while Tesla stocks plummeted by over 10%.
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Since the start of 2025, Musk has lost an eye-watering $130 billion.
These losses come in the aftermath of him calling out the tariffs and being critical of those supporting the high percentage tariffs.
After facing some of the biggest losses in the immediate aftermath of the tariff announcement, Meta's Mark Zuckerberg faced further woes. This time, he shed $27 billion from his net worth as Meta dipped by 14% over the same two-day period.
Carvana Co. CEO Ernest Garcia III was pushed off the top 500 list after he lost $2 billion and the used car retailer's stock plunged by 28%.
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Not everyone is feeling the pinch, with Nike Inc. founder Phil Knight being a rare winner when its stock climbed by 2.8%. It comes after Trump said he had a "very productive call" with Vietnamese leader To Lam about potentially removing the harsh 46% tariff. As a lot of Nike's manufacturing is done in Vietnam, Nike's $3 billion loss was quickly reversed, and Knight added $84 million to his net worth.
Elsewhere, CNBC reported that Amazon's Jeff Bezos lost $23.49 billion in two days. This comes as there were fears about what Amazon's ties to importing goods from China could do to the company and costs to the consumer.
It's not all doom and gloom, as elsewhere, Warren Buffet has somehow managed to add $12.7 billion to his wealth in 2025.