The world's 10 richest people lost nearly $70 billion in Friday's market rout

Core Points - The world's 10 richest individuals collectively lost nearly $70 billion due to market reactions to President Trump's announcement of a 100% tariff on Chinese imports and restrictions on critical software access [1][5] - Tesla's stock fell 5%, resulting in a $16 billion decrease in CEO Elon Musk's wealth, while Jeff Bezos and Mark Zuckerberg each saw a $10 billion reduction in their net worths due to declines in Amazon and Meta shares [2][5] - Nvidia's CEO Jensen Huang experienced an $8 billion loss as the company's stock dropped nearly 5%, and both Larry Ellison and Michael Dell saw their fortunes shrink by over $5 billion amid concerns of slower growth and trade disruptions [3][5] Market Reactions - Following Trump's comments, markets showed initial volatility, but by Monday morning, shares of major companies like Tesla, Alphabet, Amazon, Meta, and Dell were trading approximately 2% higher, with Oracle shares up 4.5% [4] - Despite the significant losses, the collective wealth of the 10 richest individuals remained over $2.9 trillion, with Musk leading at $437 billion, followed by Ellison at $351 billion, Zuckerberg at $248 billion, and Bezos at $240 billion [4][5] Year-to-Date Performance - As of Friday, the 10 richest individuals were still $385 billion ahead for the year, with Ellison alone gaining $159 billion year-to-date, driven by a 75% surge in Oracle's stock [5]