Spare a thought for the billionaires: Zuckerberg tops losses just as he buys DC house

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.

The five richest people in the world lost a staggering £41.4billion in one day after Donald Trump unleashed a wave of market-spinning tariffs, with Facebook founder Mark Zuckerberg shedding the most at £13.9billion

Amazon founder Jeff Bezos lost around £12.3billion as investors sold their shares en masse

US President Donald Trump unveiled the tariffs on a country-by-country basis from the White House Rose Garden in what he dubbed liberation day

The worlds richest man, entrepreneur Elon Musk, saw his net worth plummet by £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.

In contrast to his peers, Mexican telecoms billionaire Carlos Slim dodged the fallout of the tariffs and boosted his wealth by £2.3billion on Thursday. He is the world’s 18th richest person.

Mr Zuckerberg, Mr Bezos, Mr Musk and Mr Arnault were among those in the front row of Mr Trump’s inauguration in January.

Their presence was significant as they sat very near Mr Trump, in seats that would typically be reserved for the President’s family or past presidents.