The world’s 10 richest individuals lost nearly $70 billion in wealth on Friday amid a sharp stock market selloff fueled by escalating trade tensions. Concerns over a potential global trade war surged after former President Donald Trump announced plans to impose a 100% tariff on imports from China starting in November, along with restrictions on China’s access to critical software. This came in response to China’s recent tightening of export controls on rare earth elements and other essential materials for advanced technology manufacturing. Tesla CEO Elon Musk saw his net worth drop by approximately $16 billion as Tesla’s stock fell 5%. Amazon founder Jeff Bezos and Meta CEO Mark Zuckerberg each lost around $10 billion, as Amazon’s shares declined 5% and Meta’s slipped nearly 4%. Nvidia CEO Jensen Huang lost $8 billion as the chipmaker’s stock dropped nearly 5%. Oracle co-founder Larry Ellison and Dell CEO Michael Dell each saw their fortunes shrink by more than $5 billion, weighed down by concerns over slowing growth and increasing trade uncertainty. In total, the combined wealth of the world’s 10 richest people fell by $69 billion on Friday. Despite the steep losses, their collective net worth remained above $2.9 trillion at the close of trading. Musk remained the wealthiest, with a net worth of $437 billion, followed by Ellison at $351 billion, Zuckerberg at $248 billion, and Bezos at $240 billion. Interestingly, the group was still up $385 billion for the year as of Friday, with Ellison alone gaining $159 billion in 2025, driven by a 75% surge in Oracle’s stock. Most of these individuals are major shareholders in leading U.S. tech companies, allowing them to benefit significantly from the AI-driven rally that has lifted tech stocks throughout the year. On Sunday, Trump reassured investors on Truth Social, saying, “Don’t worry, It will all be fine.” By Monday morning, shares of Nvidia, Tesla, and Dell had rebounded, trading about 3% higher ahead of the opening bell. The market’s recovery suggests that while trade fears caused a sharp reaction, investor confidence remained resilient.