The world’s 500 richest people are seeing the biggest two-day loss ever recorded by the Bloomberg Billionaires Index as fallout from President Donald Trump’s tariff announcement continues to roil global markets.
As of 12:20 p.m. in New York, billionaires on the wealth list had lost $485 billion since Thursday’s stock market open. The S&P 500 Index was down about 3.4% and the Nasdaq Composite about 4.8%, adding to the previous day’s declines.
The $208 billion single-day drop on Thursday was the largest since the height of the Covid-19 pandemic in 2020. More than half of the billionaires tracked by the wealth index saw their fortunes fall, with an average decline of 3.3%.
Meta Platforms Inc. founder Mark Zuckerberg led the way, losing $17.9 billion as the social network’s shares tumbled 10%. Amazon.com Inc. founder Jeff Bezos wasn’t far behind, with his net worth declining by $15.9 billion.
Shares of both companies were again down intraday on Friday.
Source: bloomberg.com
