Elon Musk, Jeff Bezos and Mark Zuckerberg lose billions as US-China trade war triggers $70B market wipeout
The world’s ten richest people collectively lost nearly $70 billion in a single day as renewed fears of a global trade war between the US and China sent markets tumbling worldwide.
The world’s ten richest people lost a combined $69 billion on Friday as global markets plunged amid rising trade tensions between the United States and China. The sell-off followed President Donald Trump’s announcement of a 100 per cent tariff on Chinese imports starting 1 November, along with restrictions on Beijing’s access to ‘critical software’.
In response, China imposed new export controls on rare earth elements: key materials used in advanced technologies like electric vehicles, semiconductors, and wind turbines.
Elon Musk tops the losses with $16 billion wipeout
According to a Business Insider report, the Bloomberg Billionaires Index showed Tesla CEO Elon Musk incurred a staggering $16 billion loss after Tesla shares plunged by 5 per cent during Friday’s rout. Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg each saw around $10 billion wiped from their fortunes, while Nvidia’s Jenen Huang lost $8 billion.
According to the Business Insider report, Oracle co-founder Larry Ellison and Dell CEO Michael Dell each lost over $5 billion, and tech-heavy portfolios suffered from investor fears over potential supply disruptions and slower global growth.
In spite of the slump, the ten wealthiest individuals still held a combined net worth of over $2.9 trillion by Friday’s close. Musk led the list at $437 billion, followed by Ellison ($351 billion), Zuckerberg ($248 billion), and Bezos ($240 billion).
Global shockwaves and market meltdown
The fallout was immediate. The Dow Jones Industrial Average fell 800 points, the S&P 500 dropped 183 points, and the Nasdaq slumped 3.7%, marking one of the year’s steepest declines. Markets across Asia and Australia opened sharply lower on Monday, with indices in Australia, Hong Kong, China, and South Korea all in the red, according to another Computing Co report.
Central banks around the world are now bracing for potential aftershocks from the $2 trillion market rout. Gold prices hit a new high, reflecting investor unease about the volatility.
Trump’s reassurance and China’s countermove
According to the report, in an effort to calm the markets, Trump wrote on Truth Social, “Don't worry, it will all work out”. A few hours later, Trump adopted a more conciliatory tone, stating, "The US wants to help China, not hurt China."
But analysts warn that China has significant potential to cause disruption, with 70% of the global market share of producing rare earth materials. All of these supplies are essential components for semiconductors, electric motors and batteries, solar panels, and military technology in the most politically sensitive area of the trade war.
Chucheng Feng, chief investment officer of Hutong Research, told Computing Co., “Beijing's position is very clear: the US is much more vulnerable to a rare earth supply shock than China is to semiconductor export restrictions, which gives China significant leverage.”
Markets are looking at a volatile week
While premarket trading on the open this morning had stable up-range recoveries (Tesla, Nvidia, or Dell about up 3%), the outlook remains dire. Economists commented that increased tensions could put a weak recovery of the global manufacturing sector at risk, adding to further volatility from tech market leadership.
The Bank of England's Financial Policy Committee last week highlighted the AI-stocks rally is facing a “significant correction”, pressing for systems across the global economy.
FAQs
Why did the world’s richest people lose $70 billion?
The losses were driven by a sharp fall in global stock markets following renewed US-China trade tensions and new tariffs announced by President Trump.
How did China respond to the US tariffs?
China imposed tighter export controls on rare earth elements, which are crucial to global tech and manufacturing industries.
Which billionaire lost the most?
Elon Musk lost about $16 billion as Tesla shares fell 5%.