Since Trump announced on April 3 that he would impose "reciprocal tariffs" on major trading partners including China, Japan, and Vietnam, the world's stock markets have begun to experience different degrees of diving - the epic crash of U.S. stocks, after the policy announcement, Nasdaq futures fell 4.7% in a single day, S&P 500 futures fell 5%, and the Dow Jones futures fell 1822 points, and as of April 9, the S&P 500 index has fallen 18.9% from its February high, and its market value has evaporated by $5.8 trillion to 1950 The worst four-day losing streak since the beginning of the year; Technology stocks have become the "hardest hit area" of this stock market crash, Apple's stock price plummeted 23% on the fourth day, and the total market value of seven technology giants such as Microsoft and Nvidia evaporated by $1.65 trillion, this impact directly stems from the risk of supply chain disruption - 75% of Apple's components rely on Asian production, and the pressure on tariff costs is huge; According to Bloomberg statistics, the total market value of the global stock market has shrunk by $10 trillion, the Vietnamese stock market has fallen by more than 6% in a single day, the Nikkei 225 index has plummeted by nearly 3%, and the three major European stock indexes have all fallen by more than 1%.

At a time when global investors are deterred, Trump himself is not immune to the global plunge.

Personal wealth was "rebounded" 500 million dollars

According to a report by Forbes on April 8, when Trump announced a large-scale tariff plan on April 2, his net worth was estimated at $4.7 billion. However, less than a week later, his assets fell to $4.2 billion, evaporating $500 million in a week. The largest part of his personal wealth loss came from his company, Trump Media and Technology Group, whose stock price has dropped about 5% since April 3. Trump holds 114.75 million shares, which alone has evaporated approximately $170 million in total asset value.

In addition, Trump holds a large number of shares in tech giants. According to the Federal Election Commission (FEC) regulations, presidential candidates must submit personal financial disclosure reports by May 15 each year, covering their assets, liabilities, and sources of income, including stock investments. As a presidential candidate, Trump is required to comply with this regulation for disclosure. His latest disclosed report for 2024 shows that Trump holds shares in Apple, Microsoft, Nvidia, Amazon, Alphabet (Google), Meta Platforms, Berkshire Hathaway, PepsiCo, JPMorgan Chase, and others, with values ranging from $100,000 to $1 million. Among them, the holdings in Apple, Microsoft, and Nvidia are all valued at over $500,000. The total value of just the aforementioned stocks is between $2.25 million and $4.75 million. If Trump does not make significant changes to his stock positions within 8 months after the disclosure, a big dump could have a substantial impact on his paper wealth.

Source of the image: Trump's personal financial disclosure report

In addition, the value of the real estate asset portfolio held by the U.S. President shrank from $660 million to $570 million during this period, a decrease of about $90 million. His golf-related assets also faced losses, as many golf balls, clubs, and apparel sold in professional stores rely on imports.

In addition, Trump's family crypto project WLFI has also incurred massive losses from trading ETH. On April 9, according to Lookonchain monitoring, a wallet suspected to be related to WLFI sold 5,471 ETH at an average price of $1,465, yielding $8.01 million. The address previously spent about $210 million to buy 67,498 ETH at an average price of $3,259, and the current unrealized loss has reached approximately $125 million.

The world's richest have an average loss starting at 10 billion.

The British Guardian reported that since Trump announced the tariff increase on April 3, by the close of trading on April 4, the world's 500 richest people collectively lost $536 billion in the first two days of stock market trading, marking the largest two-day wealth loss recorded in the Bloomberg Billionaires Index's history. Among them, the wealth of several billionaires who support Trump or participated in his inauguration in January has shrunk to varying degrees, with Elon Musk and Mark Zuckerberg being the most affected. The chart below shows the real-time Bloomberg Billionaires rankings (as of April 9).

The image shows the Bloomberg Billionaires Index on April 9

After becoming a highly watched and controversial figure in the Trump administration, the world's richest man and Tesla CEO Elon Musk has seen a significant decrease in his wealth, suffering the most severe blows. With the stock price experiencing a big dump, as of last Friday's close, Musk's net worth evaporated by $31 billion. From the beginning of this year to now, Musk's wealth has shrunk by about $143 billion, but he still firmly holds the title of the world's richest man, with a net worth of $290 billion.

Facebook founder and owner of Instagram and WhatsApp, Mark Zuckerberg, suffered the second-largest loss, amounting to over 27 billion dollars. The net worth of the world’s third-richest man is estimated at 181 billion dollars, severely impacted by the big dump in Meta's market capitalization. The company's stock price fell nearly 14% in two days due to the particularly severe impact of the tariff war on tech companies. Many of the largest companies globally rely on the Asian market for manufacturing, computer chips, and IT services, and the Asian market is one of the countries most severely affected by Trump’s tariffs. Just weeks before Trump took office, Zuckerberg made a notable "Trump shift" for Meta, and so far this year, his personal fortune has evaporated by over 26.5 billion dollars.

Amazon founder and Washington Post owner Jeff Bezos had the third-highest two-day loss at $23.5 billion. Amazon, the world's leading seller of imported goods, has lost hundreds of billions of dollars in market value this year. Chinese sellers account for more than 50% of Amazon's third-party marketplace, and their cloud services business also relies heavily on technology produced by manufacturers in the Asian region. In February, Bezos' $10 billion climate and biodiversity fund stopped funding one of the world's most important climate-certified organizations, a move that some saw as a "capitulation" to Trump and his opposition to climate action. Bezos is the second richest person in the world, with an estimated net worth of $192 billion, and his fortune has evaporated by $47.2 billion so far this year.

Despite the two-day plunge, not all billionaires' net worth has shrunk. Warren Buffett, the chairman and largest shareholder of the shrewd investment firm Berkshire Hathaway, has grown his fortune to $154 billion this year. He did lose $2.57 billion in wealth during the two-day stock market crash, but his net worth has increased by $11.9 billion so far this year.

Trump's tariff policy is a high-risk experiment that deeply binds personal political demands to financial markets. The massive evaporation of the wealth of Trump and the world's other richest men in just a few days not only exposes the conflict of interests between policymakers and capital markets, but also reveals the self-paradox of "protectionism" in the era of globalization – when politicians try to build walls with tariffs, it is often their own empires of wealth that collapse first. For investors, this storm has once again validated an iron law: in a highly interconnected global market, no one is truly immune.