Trump’s tariffs hit billionaires hard

The world’s richest people lost over $500 billion in just 48 hours – the biggest two-day loss ever on the Bloomberg Billionaires Index.

Transcript

00:00The world's richest people lost over $500 billion in just 48 hours.

00:05But what happened exactly? Let's take a look.

00:07So it's 67%, so we're going to be charging a discounted reciprocal tariff of 34%.

00:13I think, in other words, they charge us, we charge them, we charge them less.

00:17So how can anybody be upset?

00:19Markets crashed after US President Donald Trump reignited a global tariff war.

00:24The S&P 500 plunged 10.5%.

00:27NASDAQ dropped 11.4%.

00:30And billionaires lost $536 billion combined in just two days.

00:34That's the biggest two-day loss ever on the Bloomberg Billionaires Index.

00:41The person hit hardest was Elon Musk.

00:43The Tesla CEO lost over $30 billion.

00:47And Tesla stock nosedived.

00:49Met as Mark Zuckerberg, $27 billion vanished.

00:52Carvana CEO lost $2 billion and fell off the list of the world's 500 richest people.

00:58But not everyone suffered.

01:00Nike's Phil Knight was a rare winner, up $84 million after Trump hinted at lifting tariffs on Vietnam,

01:07where Nike does most of its manufacturing.

01:10Mexican billionaire Carlos Slim had a tiny win, then lost $5.5 billion the very next day.

01:16Now, we haven't seen the full effect of Trump's latest tariff move.

01:19But only time will tell where the economy and these massive fortunes are headed.