Forbes Publishes List of the Biggest Losers from Trump’s Tariffs

After “Liberation Day” and the Worldwide Rollout of Trump’s Tariffs, Billionaires Suffer Massive Stock Market Losses; Magazine Forbes Makes a List of Top Losers

Source: https://www.index.hr

Introduction

It appears that dark days have arrived for many billionaires. Trump’s tariffs have hit those who backed him, especially those who invested heavily in his presidential campaign. Notably, among the top five affected is none other than Elon Musk, a close advisor and friend of the president.

Although global stock exchanges managed a brief recovery after a sharp plunge on “Liberation Day”—the day when President Trump’s infamous tariffs were implemented worldwide—the massive losses incurred by the world’s top 10 richest have become headline news.

This event marked the fourth-largest one-day drop in the 13-year history of Bloomberg’s billionaire index and was even more severe than the peak losses during the COVID-19 pandemic, according to Bloomberg.

Forbes Makes a List of Loosers

The prestigious business magazine Forbes released a list ranking the world’s wealthiest individuals who have suffered the greatest losses from these tariffs in the stock market. The total reported loss reached a staggering $91.5 billion.

Topping the list, and the gold medal winner, is Mark Zuckerberg, the founder of Facebook (now Meta), who saw his portfolio shrink by $17.9 billion after his company’s shares fell by 9 percent.

Jeff Bezos, the founder of Amazon and the winner of the silver medal, ranked second with a daily loss of approximately $16 billion. Larry Ellison, the bronze medal winner, Oracle’s founder, took third place with a $9.9 billion loss.

Unfortunately, Michael Dell, founder of Dell Technologies, was left without medals in fourth place, losing a pittance of $9.4 billion, in fifth place was our dear advisor to President Trump, billionaire Playboy, Elon Musk, leader of Tesla and SpaceX, who reduced his fortune by a pocket change of $8.7 billion.

One can only hope that Musk might at least secure a “participation medal” to ease the sting of missing out on the top spot.

Source: Chip Somodevilla/Getty Images

This is the whole list published by Forbes, so sit back, relax in your armchair with a coffee in your hand, and enjoy reading.

Forbes’ list of the top 10 worst losers

10. Thomas Peterfi

• Wealth Source: Brokerage Firm

• Net Worth: $48.4 billion

• Loss: -$4.1 billion

9. Sergey Brin

• Wealth Source: Google

• Net Worth: $121.2 billion

• Loss: -$4.6 billion

8. Larry Page

• Wealth Source: Google

• Net Worth: $126.4 billion

• Loss: -$4.9 billion

7. Jensen Huang

• Wealth Source: Semiconductors

• Net Worth: $89.3 billion

• Loss: -$7.4 billion

6. Bernard Arnault

• Wealth Source: LVMH

• Net Worth: $154 billion

• Loss: -$8.6 billion

5. Elon Musk

• Wealth Source: Tesla, SpaceX

• Net Worth: $378.1 billion

• Loss: -$8.7 billion

4. Michael Dell

• Wealth Source: Dell

• Net Worth: $84.9 billion

• Loss: -$9.4 billion

3. Larry Ellison

• Wealth Source: Oracle

• Net Worth: $172.5 billion

• Loss: -$9.9 billion

2. Jeff Bezos

• Wealth Source: Amazon

• Net Worth: $196.2 billion

• Loss: -$16 billion

1. Mark Zuckerberg

• Wealth Source: Facebook

• Net Worth: $184.1 billion

• Loss: -$17.9 billion

Conclusion

Many on this list were proud donors to Trump’s presidential campaign, and they once boasted about receiving an invitation to his inauguration.

Now, with their portfolios battered and smiles nowhere in sight, it is clear that the decision to endorse and financially support Trump has led to staggering consequences.

Some individuals, such as Elon Musk, openly criticized the tariffs and even attempted to engage the president directly. However, his efforts made little impact.

Trump remains steadfast and unpredictable in his decisions, caring only for his own agenda.

To Trump, no one is more important than Trump himself. For many billionaires, their influence over him has proved illusory, and they are now reaping the fallout of their misplaced trust.

There’s an old saying that fits the situation perfectly: “Whoever plants pumpkins with the devil will have them smashed on his head.” Indeed, for all those who planted metaphorical pumpkins with Trump, the harvest has now turned bitter, and the pumpkins have been smashed on their heads.

The losses incurred in a single day could well cover the budget of a small nation, and if the situation with these tariffs continues, the financial pain could escalate further. One can only hope that Elon, Jeff, Mark, and the rest of the affected crew will now reconsider their support.

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