In a world where money is fundamental for survival, US President Donald Trump’s latest decisions are jeopardizing the fortunes of the world’s wealthiest billionaires to the extent that they are set to lose as much as $500 billion in just 48 hours.
Reddit shed the spotlight on the billionaires list and their combined fortunes, as they were shocked that their combined wealth was a jaw-dropping $2 trillion.
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Billionaires’ wealth is jaw-dropping
According to data released by Forbes in 2024, the collective fortunes of the top 12 billionaires increased massively compared to previous data. In other words, the rich kept getting richer, and that was the case until Trump took over.
But their wealth is now in jeopardy
After only seven weeks of Trump taking over, Musk, Zuckerberg, Jeff Bezos, Bernard Arnault, and Sergey Brin lost $209 billion combined, as per the Bloomberg Billionaires Index.
These losses were mainly due to the S&P 500 index dropping by almost seven percent ever since Trump took over the presidency.
The tariffs have a role to play
The president announced on what he dubbed “Liberation Day” on April 2 that he is imposing a 10 percent “baseline” global tax, with higher tariffs imposed on a list of 60 countries whom he labeled his “worst offenders.”
Things weren’t like this at first
According to Bloomberg, the weeks between Trump’s election and his inauguration witnessed historical spikes in the S&P 500 index as investors rushed to invest in the stock and cryptocurrency markets.
But now, they have suffered severe losses
The world’s 500 richest people are suffering drastically as they have faced the biggest two-day loss ever in the wake of Trump’s decisions.
Between April 3 and April 4, these billionaires lost $536 billion combined as the S&P 500 Index dropped significantly in the span of less than 48 hours.
Former President Barack Obama spoke against Trump’s decisions
In a speech at Hamilton College in Clinton, New York, on April 3, Obama was vocal about his take on the newly imposed tariffs, saying: “Look, I don’t think what we just witnessed in terms of economic policy and tariffs is going to be good for America, but that’s a specific policy.”
“I’m more deeply concerned with a federal government that threatens universities if they don’t give up students who are exercising their right to free speech,” he continued.
Obama is troubled
“I am more troubled by the idea that a White House can say to law firms, ‘If you represent parties that we don’t like, we’re going to pull all our business or bar you from representing people effectively.’ That kind of behavior is contrary to the basic compact we have as Americans,” he added.
