The US stock market plunged on Monday, erasing billions from the fortunes of the world's richest individuals. As investor fears mounted over economic uncertainty in the country due to President Donald Trump's tariff push, a steep sell-off was witnessed across sectors, leading to key indices tumbling sharply.
S&P 500 declined 2.7%, marking its biggest one-day decline of the year. The Nasdaq Composite also dropped 4%, registering its worst day since September 2022.
The broader market downturn has pushed the S&P 500 8.6% lower from its Feb. 19 peak, wiping out over $4 trillion in market value and bringing the index close to correction territory. Investors have been rattled by concerns over trade policies, economic slowdowns and rising geopolitical tensions.
Among the biggest casualties of the market rout were the world's top five billionaires, whose combined net worth shrank by $51.31 billion in just one day, according to the Bloomberg Billionaires Index (as of Mar. 11, 2025).
Elon Musk Lead Loser Among Top US Billionaires
Elon Musk: The Tesla and SpaceX chief took the heaviest hit, losing $29 billion in a single day. His fortune now stands at $301 billion.
Mark Zuckerberg: The Meta CEO saw his wealth decline by $9.46 billion, bringing it down to $211 billion.
Larry Ellison: The Oracle co-founder's net worth fell by $7.26 billion, leaving him with $169 billion.
Jeff Bezos: The Amazon founder lost $4.21 billion, pushing his total net worth to $216 billion.
Bernard Arnault: The LVMH chairman and the only non-American on the list, saw a more modest drop of $1.38 billion, bringing his fortune to $183 billion.
However, Elon Musk remained optimistic despite the losses, stating on X (formerly Twitter), “It will be fine in long term.”
Musk was replying to a post that highlighted electric vehicle maker Tesla's largest one-day losses over the years.
It will be fine long-term https://t.co/E8T4WYOj95
March 10, 2025According to Reuters, Tesla shares declined 15.4% on Mar. 10, erasing around $125 billion in market value of the company. The sell-off extended beyond stocks, with Bitcoin dropping 5% as investors pulled back from riskier assets.
The S&P 500 has now erased all gains made since US Presidential elections on Nov. 5, 2024. While investors initially welcomed President Donald Trump's pro-growth policies like tax cuts and deregulation, growing uncertainty over tariffs and federal workforce reductions has weakened investors' confidence.
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