Trump's 'Liberation Day' Tariffs Wipe Out $174 Billion From The Net Worth Of World's Top 10 Billionaires, Including Warren Buffett - Alphabet (NASDAQ:GOOG), Amazon.com (NASDAQ:AMZN)

The 10 wealthiest individuals in the world, including Elon Musk, CEO of Tesla Inc. TSLA, have lost $174 billion following President Donald Trump‘s tariff announcement on April 2. On a year-to-date basis, they lost nearly a staggering $350 billion.

What Happened: Following Trump’s tariff declaration last Wednesday, the S&P 500 plummeted 11%. This resulted in a significant shrinkage of the equity stakes of the world’s richest, who had a combined net worth exceeding $2 trillion at the start of 2025.

As per the Bloomberg Billionaires Index, since the tariff announcement on April 2, Elon Musk and Meta META CEO Mark Zuckerberg saw the maximum decline, with Musk losing $33 billion, while Zuckerberg lost $26 billion. Amazon‘s AMZN Jeff Bezos saw a decline of $21 billion, while Oracle ORCL CEO Larry Ellison witnessed a $20 billion drop in their net worth.

Google GOOG GOOGL founders, Larry Page and Sergey Brin, lost $12 billion and $11 billion, each. Former Microsoft MSFT CEOs Bill Gates and Steve Balmer saw their fortune decline by $15 billion and $9 billion, respectively.

Meanwhile, Bernard Arnault, the French billionaire and CEO of the luxury brand LVMH, lost $14 billion of his net worth.

Surprisingly, legendary investor and chief of Berkshire Hathaway BRK BRK, Warren Buffett’s net worth also fell by $13 billion since Trump’s tariff announcement on April 2. However, Buffett maintained a positive net worth year-to-date.

Why It Matters: On Monday, Musk’s net worth dipped below $300 billion, a level unseen since the previous year. The Bloomberg Billionaires Index indicated that Musk’s wealth was $298 billion at Monday’s market close, marking a reduction of nearly $135 billion, or 31%, since the beginning of the year.

Meanwhile, President Trump’s net worth also took a significant hit post the implementation of his extensive new tariffs. Within days, Trump's estimated net worth declined by nearly $600 million, falling from $4.7 billion to $4.1 billion, as per Forbes’ analysis.

President Trump’s sweeping tariffs, announced on April 2, sparked market turmoil. The next day, stocks endured their worst single-day decline in five years, with the S&P 500 falling nearly 5%, the Dow dropping 1,679 points, and the Nasdaq plummeting 6%.