An IMGW News Report
When Donald Trump launched his latest salvo in the global trade wars, slapping tariffs on 180 countries, he may not have expected to take a sledgehammer to the portfolios of the world’s wealthiest. Yet, as markets reeled in what some are now dubbing “Black Monday 2.0”, the world’s top ten billionaires saw their collective fortunes shrink by a staggering $353 billion, according to Bloomberg’s Billionaires Index.
“in politics as in investing, backing the right horse remains an uncertain wager”
Elon Musk, still clinging to his title as the world’s richest man, emerged the biggest casualty. The mercurial founder of Tesla, SpaceX, and X saw his wealth plummet by $130 billion, leaving him with a still-lofty $302 billion. Jeff Bezos followed, down $45.2 billion, while Oracle’s Larry Ellison shed $42.1 billion. Even Mark Zuckerberg, who has weathered past storms, lost $28.1 billion, now worth $179 billion.
In the bloodbath, only Warren Buffett emerged smiling. The so-called Oracle of Omaha added $12.7 billion to his fortune, a reward for his cautious positioning. Buffett had long warned that valuations were frothy, and Berkshire Hathaway’s conservative bet on cash and Treasury bills has paid handsomely.
As Wall Street haemorrhaged — with total investor losses exceeding $5 trillion — social media erupted. Wry commentators noted that had the ultra-rich backed Kamala Harris instead of Trump, they might have fared better, wealth tax notwithstanding. “Kamalas Wealth Tax would have cost them just $36 billion a year, not $500 billion in two days,” quipped one user.
“As Wall Street haemorrhaged — with total investor losses exceeding $5 trillion — social media erupted”
Many of America’s billionaires, including Musk, Bezos, Zuckerberg, and Ellison, had backed Trump’s 2025 inauguration, perhaps hoping for friendlier tax treatment. But Trump’s tariff tantrum has delivered a brutal reminder that volatility respects no loyalties.
Harris, for her part, had endorsed President Biden’s proposal for a 25% minimum tax on income over $100 million — including unrealised gains. Painful, certainly, but a far cry from the decimation now visited upon billionaire balance sheets.
As markets reel, one lesson seems clear: in politics as in investing, backing the right horse remains an uncertain wager.
