Tech billionaires affected by Trump's announcement of new US tariffs

Tech billionaires are taking a hit amid President Donald Trump’s US tariff announcements, with some of the biggest names in the industry seeing significant losses.

Notably, the world’s 500 richest people lost a collective $536 billion (£417bn) in the first two days of stock market trading after Trump’s “liberation day” announcement.

Elon Musk, the world’s most-richest person and the CEO of Tesla has taken the biggest hit, with his net worth declining by $130 billion this year, largely due to Tesla's struggling stock.

Tesla has been already facing a potential buyer backlash over Musk’s controversial behaviour, and as its shares plunged, $31bn was wiped off Musk’s net worth.

The recent fall in Tesla’s stock has meant his private rockets and aerospace company, SpaceX, became his most valuable asset.

Despite this, Musk remains the world's richest person, with an estimated net worth of $302 billion.

Mark Zuckerberg Meta's CEO also saw his net worth drop by $17.9 billion as Meta's stock fell 9%. This decline is part of a larger trend, with Meta's stock prices dropping around 28% since mid-February.

Similarly, Jeff Bezos, Amazon's founder lost $15.9 billion as Amazon's shares tumbled 9%, marking their worst single-day decline since April 2022.

This brings the total decline in Amazon's stock to over 25% from its February peak.

Moreover, Bernard Arnault, the LVMH CEO saw his net worth decrease by $6 billion due to declining shares in Paris, partly due to the EU's potential 20% flat tariff on exports to the US.