Billionaires poised to lose near half-trillion dollars in 2 days

The world’s 500 richest people suffered the biggest two-day loss ever on the Bloomberg Billionaires Index as fallout from President Donald Trump’s tariff announcement decimated markets across the globe.

Billionaires on the wealth list lost a collective $536 billion from Thursday’s stock market open to Friday’s close as the S&P 500 Index dropped 10.5% over the two days and the Nasdaq Composite fell 11.4%.

Friday’s $329 billion drop was the largest since the height of the Covid-19 pandemic in 2020, swamping Thursday’s $208 billion slide. Almost 90% of the billionaires tracked by the wealth index saw their fortunes fall Friday, with an average decline of 3.5%.

No one lost more over the two-day stretch than Tesla Inc. Chief Executive Officer Elon Musk. The carmaker’s stock plunged more than 10% Friday, dragging Musk’s net worth down $31 billion from Thursday’s open and bringing his yearly losses to $130 billion. Meta Platforms Inc. founder Mark Zuckerberg followed with a $27 billion loss as the social media company dropped almost 14% over the two-day stretch. Carvana Co. CEO Ernest Garcia III’s two-day loss of $2 billion was enough to push him off the list of the world’s 500 richest people. His used-car retailer’s stock lost 28% over the period.