The ten richest people in the world lost together a combined $ 69 billion on Friday, as global markets have risen in the middle of the growing trade between the United States and China. The sale was followed by President Donald Trump’s announcement by 100 % tariff on Chinese imports from November 1, along with a limitation of Beijing’s access to “critical software”.
In response, China imposed new export checks for rare soil elements: the key materials used in advanced technologies such as electric vehicles, semiconductors and wind turbines.
Elon Musk is a spine
According to the Business Insider Index Bloomberg Billionaires, Tesla’s CEO Elon Musk has suffered a stunning $ 16 billion loss after Tesla’s shares fell by 5 percent on Friday. The founder of Amazon Jeff Bezos and Meta’s CEO Mark Zuckerberg saw their wealth, while Nvidia Jenen Huang lost $ 8 billion.
According to the Business Insider report, co -founder of Oracle Larry Ellison and DELL CEO, Michael Dell lost over $ 5 billion, and the technical portfolio suffered from the fear of investors from potential supplies and slower global growth.
Despite the fall, the ten richest individuals still held a combined net fortune of more than $ 2.9 trillion for Friday’s closure. Musk led the list to $ 437 billion, followed by Ellison ($ 351 billion), Zuckerberg ($ 248 billion) and Bezo ($ 240 billion).
Also read: Global Markets Today: Kospi, Asx 200 Fall On China-US Trade Tension
Global shock waves and melting the market
The fall was immediate. The Dow Jones industrial average fell by 800 points, the S&P 500 fell by 183 points and Nasdaq dropped by 3.7%, which meant one of the steepest decreases of the year. Markets throughout Asia and Australia opened on Monday a sharp lower, according to another report of computing what computing what computing as indexes in Australia, Hong Kong, China and South Korea.
Central banks around the world are now preparing for potential shocks from the market hand of $ 2 trillion. Gold prices have reached a new maximum, reflecting investors’ unrest about volatility.
Reassurance of Trump and Counters of China
According to the report, in an effort to calm the markets, Trump wrote about Truth Social: “Don’t worry, it all works”. A few hours later Trump accepted a conciliation tone and said, “The US wants to help China, not hurt China.”
However, analysts warn that China has a significant potential to cause disruption, with 70% of the global share in the production of rare soil materials. All these supplies are basic components for semiconductors, electric motors and batteries, solar panels and military technology in the most politically sensitive area of trade war.
Chucheng Feng, Chief Investment Director of Hutong Research, said Computing Co: “Beijing’s position is very clear: the US is much more vulnerable to shock with the supply of rare countries than China is a semiconductor export limitation, giving China a significant leverage.”
Markets look at the volatile week
While the premarket trading at Open Morning had a stable range (Tesla, Nvidia or Dell by about 3%), the view remains terrible. Economists have noted that increased tension could endanger the weak revival of the global manufacturing sector and increase further volatility from the technological market management.
Last week, the Bank of England financial policy has stressed that the Ai-Stocks are facing a “significant correction” and pushing systems across the global economy.
Frequent
Why did the richest people in the world lose $ 70 billion?
The losses were powered by a sharp drop in the global stock markets after the renewed tensions in the US store and the new tariffs announced by President Trump.
How did China react to American tariffs?
China has imposed stricter export checks for rare soil elements that are essential for global technical and manufacturing industries.
Which billionaire lost the most?
Elon Musk lost about $ 16 billion because Tesla’s shares dropped by 5%.
(Tagstotranslate) US-CHNIC WAR
