Zuckerberg tops billionaire losses just as he buys DC house
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The five richest people in the world lost a staggering £40billion after Donald Trump unleashed a wave of market-spinning tariffs.
It was a blow for the biggest loser, Facebook co-founder Mark Zuckerberg , who shed an incredible £13.9billion from his net worth.
The financial hit came just days after it was revealed he has bought an £18million super-mansion in Washington DC to be closer to the US government.
Tech billionaires, including Meta boss Mr Zuckerberg, have attempted to cosy up to Mr Trump since his election victory in November.
The five richest men lost a combined £41.4billion on Thursday, according to the Bloomberg Billionaires Index. This was after Mr Trump declared a trade war that leaders warned would wreak havoc on the global economy.
Their losses are expected to have mounted yesterday as shares of major companies continued to fall.
In total, the globe’s 500 wealthiest people saw their combined wealth fall by £161billion - the index’s largest one-day decline since the peak of the Covid pandemic.
Big losers also included Amazon’s Jeff Bezos , who lost around £12.3billion as investors sold out en masse, and the richest man, Elon Musk , who shed £8.5billion.
Luxury tycoon Bernard Arnault took a hit of £4.8billion while Warren Buffett, the world’s best-known money manager, lost £2billion.
Arnault’s empire of high-end fashion and accessories, which includes Louis Vuitton, Tiffany & Co, Christian Dior, Fendi and Givenchy, was whacked by a 20 per cent flat tariff on imports from the European Union to the US.
Unlike many of his contemporaries, Mexican telecommunications tycoon Carlos Slim managed to avoid the negative impact of tariffs and saw an increase in his fortune by approximately £2.3 billion on Thursday. His net worth places him as the 18th wealthiest individual globally.
Messrs. Zuckerberg, Bezos, Musk, and Arnault were seated prominently in the front row during Mr. Trump’s inauguration in January.
Their attendance was notable as they were seated quite close to Mr. Trump, occupying positions usually saved for his family members or former presidents.
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