Mark Zuckerberg of Meta (Facebook), Jeff Bezos of Amazon, and Elon Musk of Tesla and xAI were among the biggest losers as the top 500 Wall Street stocks lost a combined $2.4 trillion in value overnight. This comes after US President Donald Trump imposed 'discounted' reciprocal tariffs on 'unfair' trading partners on what he called 'Liberation Day' in an effort to 'Make America Great Again'.

Fears that the United States could soon enter a severe recession weighed on stocks around the world. The United States accounts for 26% of global GDP and 48% of world market capitalization. For India, it accounts for 43% of FPI equity assets under custody (AUC). 

Mark Zuckerberg lost $17.9 billion overnight and was last valued at $189 billion. In 2025, his wealth has decreased by $18.6 billion. Jeff Bezos lost another $15.9 billion in an overnight meltdown, leaving him with a net worth of $201 billion. This is based on the publicly available Bloomberg Billionaire index.

Elon Musk, the world's richest man and a Trump adviser, saw his fortune fall $11 billion to $322 billion. Michael Dell of Dell lost $9.53 billion. Larry Ellison of Oracle Corporation suffered a $8.10 billion loss. Jensen Huang of NVIDIA has lost $7.36 billion. The worst-hit ten billionaires, including nine Americans and one Frenchman, lost $89.32 billion in combined wealth overnight. According to Bloomberg data, the top ten billionaires lost $74.08 billion in total. 

The S&P 500 dropped 275.05 points, or 4.85%, to 5,395.92 during the course of the night. At 16,547.45, the Nasdaq Composite fell 1,053.60 points, or 5.99 percent. At 40,542.71, the Dow Jones Industrial Average dropped 1,682.61 points, or 3.98 percent.

In the upcoming weeks, UBS anticipated that the executive authority of the White House would be contested in court. The International Emergency Economic Powers Act (IEEPA), which Trump used to announce the tariffs, had never been used to announce such significant economic policy changes.

Furthermore, businesses are likely to increase their lobbying efforts. Political pressure to reduce tariffs may increase as economic costs rise, according to UBS.

"In our base case (with a 50% probability), we expect tariffs to be reduced from the levels announced by the President. The President invited negotiations, and Treasury Secretary Bessent stated in a Bloomberg interview that the announced tariffs are "the high end of the number" and that countries could take steps to reduce tariffs, according to UBS.