The world’s richest people lost over $500 billion in just 48 hours – the biggest two-day loss ever on the Bloomberg Billionaires Index.
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00:00The world's richest people lost over $500 billion in just 48 hours.
00:05But what happened exactly? Let's take a look.
00:07So it's 67%, so we're going to be charging a discounted reciprocal tariff of 34%.
00:13I think, in other words, they charge us, we charge them, we charge them less.
00:17So how can anybody be upset?
00:19Markets crashed after US President Donald Trump reignited a global tariff war.
00:24The S&P 500 plunged 10.5%.
00:27NASDAQ dropped 11.4%.
00:30And billionaires lost $536 billion combined in just two days.
00:34That's the biggest two-day loss ever on the Bloomberg Billionaires Index.
00:41The person hit hardest was Elon Musk.
00:43The Tesla CEO lost over $30 billion.
00:47And Tesla stock nosedived.
00:49Met as Mark Zuckerberg, $27 billion vanished.
00:52Carvana CEO lost $2 billion and fell off the list of the world's 500 richest people.
00:58But not everyone suffered.
01:00Nike's Phil Knight was a rare winner, up $84 million after Trump hinted at lifting tariffs on Vietnam,
01:07where Nike does most of its manufacturing.
01:10Mexican billionaire Carlos Slim had a tiny win, then lost $5.5 billion the very next day.
01:16Now, we haven't seen the full effect of Trump's latest tariff move.
01:19But only time will tell where the economy and these massive fortunes are headed.