"The world's 10 richest people lost nearly $70 billion on Friday as fresh fears of a global trade war rattled markets. The value of their stock holdings tumbled after President Donald Trump said the US would impose an additional 100% tariff on imports from China from November 1, and restrict its access to "any and all critical software," after China tightened export controls on rare earth elements and other key materials for advanced tech manufacturing."
"Tesla stock slid 5% on Friday, shrinking CEO Elon Musk's wealth by about $16 billion, the Bloomberg Billionaires Index shows. Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg saw around $10 billion erased from their respective net worths as the e-commerce giant's stock fell 5% and the social media titan's shares dropped almost 4%. Nvidia CEO Jensen Huang took an $8 billion hit as the chipmaker's stock fell nearly 5%,"
"Trump sought to reassure markets, posting to Truth Social on Sunday, "Don't worry, It will all be fine." Shares of Nvidia, Tesla, and Dell were trading 3% higher ahead of Monday's open as of 6:40 a.m. ET. The 10 richest people's wealth loss sounds painful, but they were still collectively worth over $2.9 trillion at Friday's close, led by Musk's $437 billion, Ellison's $351 billion, Zuckerberg's $248 billion, and Bezos' $240 billion."
Markets plunged on fears of a US-China trade escalation after President Donald Trump threatened a 100% tariff on Chinese imports and restrictions on critical software following Chinese export controls. The ten richest individuals saw roughly $69 billion wiped from stock-based fortunes in one session, with Elon Musk losing about $16 billion and Jeff Bezos and Mark Zuckerberg each losing about $10 billion. Nvidia, Tesla, Dell, Oracle and other tech-linked firms fell amid concerns of slower growth and supply disruption. Trump posted a reassurance on social media and some stocks recovered modestly ahead of the next open, but the ten remained worth over $2.9 trillion combined.
Read at Business Insider
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