Elon Musk, Jeff Bezos and Mark Zuckerberg lose billions as US-China trade war triggers $70B market wipeout

Market Impact - The world's ten richest individuals lost a combined $69 billion due to a significant decline in global markets, triggered by rising trade tensions between the US and China [1][10] - The Dow Jones Industrial Average fell 800 points, the S&P 500 dropped 183 points, and the Nasdaq slumped 3.7%, marking one of the year's steepest declines [5] Individual Losses - Elon Musk experienced the largest loss, with a $16 billion decrease in net worth as Tesla shares fell by 5% [3][12] - Jeff Bezos and Mark Zuckerberg each saw around $10 billion wiped from their fortunes, while Nvidia's Jensen Huang lost $8 billion [3] - Larry Ellison and Michael Dell each lost over $5 billion, reflecting investor fears over potential supply disruptions and slower global growth [4] China's Response - In retaliation to US tariffs, China imposed new export controls on rare earth elements, which are critical for advanced technologies such as electric vehicles and semiconductors [2][11] - Analysts indicate that China holds significant leverage due to its 70% share of the global rare earth market, which could disrupt US access to essential components [7][8] Economic Outlook - Central banks are preparing for potential aftershocks from the $2 trillion market rout, with gold prices hitting new highs amid investor unease [6] - Economists warn that increased tensions could jeopardize the fragile recovery of the global manufacturing sector, contributing to further volatility in tech markets [8]