Top billionaires Elon Musk, Mark Zuckerberg, and Jensen Huang lost nearly $34 billion after the bloodbath on Wall Street on Thursday. Here’s how much the ‘Magnificent 7’ billionaires lost in total.
What Happened: Wall Street witnessed its most brutal trading day in years, with all major U.S. stock indexes experiencing their largest single-day drops on Thursday since the COVID-19 pandemic.
The richest business leaders lost billions of dollars as the stock market declined. Notably, Meta Platforms Inc.‘s founder, chairman, and CEO, Zuckerberg, lost $17.9 billion in a single day, according to Forbes data.
Amazon.com Inc. founder Jeff Bezos saw his net worth plummet by a staggering $16 billion, while Tesla Inc. co-founder and CEO Musk lost $8.7 billion amid the market selloff.
On the other hand, chipmaker Nvidia Corp.‘s founder and CEO, Huang, saw a $7.4 billion change in his net worth, whereas Microsoft Corp. co-founder Bill Gates‘ wealth tumbled by $774 million on Thursday.
Alphabet Inc. co-founders Larry Page and Sergey Brin lost $4.9 billion and $4.6 billion, respectively, while the company’s CEO, Sundar Pichai, saw his net worth decline by $18 million.
Apple Inc. CEO Tim Cook witnessed a loss of $68 million.
| Stocks | YTD Performance | Thursday’s Performance | Business Leaders | Change In Wealth (In Billion Dollars) |
| Nvidia Corporation NVDA | -26.40% | -7.81% | Jensen Huang | -7.4 |
| Apple Inc. AAPL | -16.67% | -9.25% | Tim Cook | -0.068 |
| Microsoft Corp. MSFT | -10.86% | -2.36% | Bill Gates | -0.774 |
| Amazon.com Inc. AMZN | -18.99% | -8.98% | Jeff Bezos | -16 |
| Alphabet Inc. GOOGL GOOG | -19.93% | -3.92% | Sundar Pichai | -0.018 |
| Meta Platforms Inc. META | -11.28% | -8.96% | Mark Zuckerberg | -17.9 |
| Tesla Inc. TSLA | -5.47% | -29.53% | Elon Musk | -8.7 |
Why It Matters: The Dow Jones endured its fifth-worst day in history, shedding 1,679 points. It was Dow and S&P 500’s worst trading day since June 2020. Meanwhile, the Nasdaq had its most significant single-day decline since March 2020.
Citing the necessity to rectify the United States' trade deficit, Trump utilized a 1977 statute to officially declare a trade emergency, subsequently introducing new tariffs on Wednesday.
He imposed a blanket 10% tariff on all trading partners and levied more duties on the countries he described as "bad actors".
It is worth noting that China, Vietnam, Cambodia, and Sri Lanka are subject to the most severe tariffs, whereas Canada and Mexico were exempted from “Liberation Day” tariffs.
Benchmark indices are in the correction zone. The S&P 500 fell 12.22% from its Feb. 19th peak, the Nasdaq 100 dropped 16.65% from its 52-week high, approaching the bear market territory, and the Dow was down 10.05% as of Thursday.
Price Action: The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, declined in premarket on Friday. The SPY was down 2.30% to $525.78, while the QQQ declined 2.52% to $439.32, according to Benzinga Pro data.
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