The shocking announcement of customs tariffs by US President Trump eroded the wealth of billionaires. The total wealth of the world’s richest 500 people decreased by $208 billion on Thursday. So, who lost how much?

The total wealth of the world’s richest 500 people dropped by $208 billion on Thursday due to the global markets being turned upside down by the comprehensive customs tariffs announced by US President Donald Trump.

This decline marked the fourth largest since the 13-year history of the Bloomberg Billionaires Index and the biggest drop since the peak of the Covid-19 pandemic.

More than half of those monitored by Bloomberg’s wealth index saw a decrease in their wealth by an average of 3.3%. Billionaires in the US, such as Mark Zuckerberg from Meta Platforms and Jeff Bezos from Amazon.com, were among the hardest hit.

Mexico’s richest man, Carlos Slim, was part of a small group of billionaires avoiding the impact of tariffs outside the US. The Mexican Stock Exchange rose by 0.5% after the country was removed from the mutual tariff targets list of the White House, increasing Slim’s net worth by about 4% to $85.5 billion. The only region where those included in Bloomberg’s wealth index made a net gain throughout the day was the Middle East.

Here are some of the biggest losers of the day:

MARK ZUCKERBERG

The founder of Meta was the biggest loser in terms of the dollar, with a 9% drop in the shares of the social media company costing him $17.9 billion, or about 9% of his wealth. Meta was a prominent winner in the Magnificent Seven index of mega tech stocks from New Year’s to mid-February, consecutively gaining for almost a month and adding over $350 billion to its market value. However, since mid-February, the shares have lost about 28%.

JEFF BEZOS

Amazon shares experienced a 9% decline on Thursday, marking the largest drop since April 2022 and costing the personal wealth of the tech giant’s founder $15.9 billion. The company’s shares lost over 25% compared to its peak in February.

ELON MUSK

The Tesla CEO lost $11 billion on Thursday alone, including $110 billion so far this year due to delayed deliveries and his controversial role as Trump’s productivity czar hitting the shares of the electric vehicle maker.

However, as Tesla produces most of its cars in the US, the impact of customs tariffs on the company may be less compared to foreign competitors. Additionally, shares rose on news that Musk would step back from government work to refocus on Tesla. Nevertheless, shares dropped by 5.5% on Thursday following the tariff announcement.

ERNEST GARCIA

The wealth of the CEO of Carvana Co. decreased by $1.4 billion after the shares of the used car dealer dropped by 20%. The company’s shares had increased by over 425% in the previous 12 months leading up to February 14 but had dropped by 36% since then.

TOBI LUTKE

The co-founder and CEO of Canadian e-commerce company Shopify lost $1.5 billion or 17% of his wealth. Shopify’s shares, which derive a significant portion of its income from selling imported goods, dropped by 20% in Toronto following the worst day of the S&P/TSX Composite Index since March 2020.

BERNARD ARNAULT

The European Union is preparing to impose a new fixed 20% customs tariff on all products going to the US, expected to harm alcohol and luxury goods exports among other things. Arnault, the owner of brands such as Christian Dior, Bulgari, and Loro Piana, saw the shares of his LVMH company in Paris fall, wiping $6 billion from the net wealth of Europe’s richest person.

ZHANG CONGYUAN

The founder of Chinese shoe manufacturer Huali Industrial Group Co. lost $1.2 billion or 13% of his wealth as the company’s shares dropped due to the additional 34% customs tariff imposed on China by Trump. US and Europe-based shoe manufacturers also felt the pain: Nike Inc., Lululemon Athletica Inc., and Adidas AG, all with significant production facilities in Southeast Asia, each experienced double-digit declines.