Tech magnates Elon Musk, Jeff Bezos, and Mark Zuckerberg have collectively lost $42.6 billion following the introduction of new tariffs by US President Donald Trump. These “discounted” reciprocal tariffs have significantly impacted global markets, resulting in one of the worst trading days since the COVID-19 pandemic.
Meta CEO Zuckerberg faced the worst loss, with his wealth diminishing by $17.9 billion. Jeff Bezos, founder of Amazon, followed closely with a $16 billion decrease, while Tesla CEO Elon Musk experienced an $8.7 billion drop in his net worth. Further, Musk’s cumulative losses for 2025 have now surpassed $110 billion, driven primarily by these tariffs and other market factors.
According to the Bloomberg Billionaires Index, Musk became the sixth-largest wealth loser on Monday, after losing $4.4 billion due to Tesla’s continued stock decline, bringing his total wealth down to $297.8 billion. This marks the first time Musk’s net worth has fallen below $300 billion since November.
Over Thursday and Friday, Musk’s wealth had already dropped by $31 billion, pushing his total losses this year to $134.7 billion.
The financial upheaval has highlighted the intense market volatility and investor apprehensions surrounding these tariffs.
Analysts have described the market turmoil as more than just a “tech correction,” attributing it to aggressive policy changes that are “shaking investor trust.” The combined losses of the top 500 public companies reached approximately $2.4 trillion, with tech giants such as Meta, Amazon, and Tesla experiencing declines in their share prices. Meta’s shares fell by 9%, Amazon’s by 6%, and Tesla’s by 5.5%.
President Trump unexpectedly announced the tariffs using the International Emergency Economic Powers Act (IEEPA), imposing a baseline 10% tariff on imports from major trading partners. Despite Trump’s claims that “the markets are going to boom,” the move has been met with scepticism among investors and analysts alike.
Legal experts anticipate challenges to the tariffs, with UBS noting, “The White House’s executive authority is likely to be challenged in courts in the coming weeks.” Additionally, UBS predicts a 50% chance of the tariffs being reduced under pressure from businesses and lawmakers.
These tariffs have raised concerns about a potential global recession, marked by rising inflation and stunted economic growth. Market analysts fear that the broader economic impacts could deepen, affecting not just the technology sector but global trade as a whole.
