President Trump’s shocking announcement on tariff increases wiped out the fortunes of billionaires. The total wealth of the world’s richest 500 individuals decreased by $208 billion on Thursday. So, who lost how much?

The total wealth of the world’s richest 500 people decreased by $208 billion on Thursday due to President Donald Trump’s announcement of extensive tariff increases that rocked global markets.

This decline marked the fourth largest in the 13-year history of the Bloomberg Billionaires Index and the largest since the peak of the Covid-19 pandemic.

More than half of those tracked by Bloomberg’s wealth index saw their fortunes decrease by an average of 3.3%. Billionaires in the U.S., led by Mark Zuckerberg of Meta Platforms and Jeff Bezos of Amazon.com, were among the hardest hit.

Mexico’s richest man Carlos Slim was among a small group of billionaires avoiding the impact of tariffs outside the U.S. After being removed from the mutual tariff target list with the White House, the Mexican Stock Exchange rose by 0.5%, boosting Slim’s net worth by approximately 4% to $85.5 billion. The only region where those included in Bloomberg’s wealth index saw a net gain during the day was the Middle East.

Here are some of the day’s biggest losers:

MARK ZUCKERBERG

The founder of Meta became the biggest loser in terms of dollars, with the social media company’s 9% drop costing him $17.9 billion, or roughly 9% of his fortune. Meta had been a standout performer in the Magnificent Seven index of mega-tech stocks from the start of the year until mid-February, gaining over $350 billion in market value for nearly a month. However, since mid-February, the shares had lost about 28%.

JEFF BEZOS

Amazon shares experienced a 9% drop on Thursday, its biggest since April 2022, costing the tech giant’s founder $15.9 billion from his personal fortune. The company’s shares lost over 25% from their peak in February.

ELON MUSK

The Tesla CEO saw a $11 billion drop on Thursday, including losses totaling $110 billion so far this year due to delayed deliveries and his controversial role as Trump’s productivity czar affecting the electric car maker’s shares.

However, as Tesla manufactures most of its cars in the U.S., the impact of tariffs on the company may be less compared to its foreign competitors. Additionally, as news spread that Musk would step back from government work to refocus on Tesla, stock prices rose. Nevertheless, shares dropped by 5.5% on Thursday following the tariff announcement.

ERNEST GARCIA

The fortune of Carvana Co. CEO decreased by $1.4 billion after the used car dealer’s shares dropped by 20%. The company’s shares had surged over 425% in the previous 12-month period until February 14 but fell by 36% since then.

TOBİ LUTKE

The co-founder and CEO of Canadian e-commerce company Shopify lost $1.5 billion or 17% of his fortune. Shopify, which earns a significant portion of its revenue from sales of imported goods, saw its shares drop by 20% in Toronto alongside the worst day for the S&P/TSX Composite Index since March 2020.

BERNARD ARNAULT

The European Union is preparing to introduce a fixed 20% new tariff on all goods going to the U.S., expected to adversely affect, among other things, alcohol and luxury goods exports. Shares of Arnault’s LVMH company in Paris dropped, erasing $6 billion from the net worth of Europe’s richest person.

ZHANG CONGYUAN

The founder of Chinese shoe manufacturer Huali Industrial Group Co. lost $1.2 billion or 13% of his fortune due to Trump’s additional 34% tariffs on China affecting the company’s shares. U.S. and Europe-based shoe manufacturers also felt the pain: Nike Inc., Lululemon Athletica Inc., and Adidas AG, with major production facilities in Southeast Asia, all experienced double-digit declines.