Donald Trump lost over £30million ($40million) on Friday alone, according to Forbes, less than two days after he announced a series of blistering tariffs against several countries around the world. The US President has a net worth of $4.6bn but this dropped by 0.86% on Friday.
He announced tariffs for almost every country on Wednesday evening and stock markets around the world have since fallen dramatically. Trump put a 10% rate on imports from the UK which caused the FTSE 100 to drop 1.55%.
According to Forbes' Real-Time Billionaires rankings, the US President's wealth has dropped by $40m on Friday alone. The wealth-tracking platform is frequently updated when respective stock markets are open.
Most of Trump's fortune lies in real estate, including golf courses, mansions and a winery. He also owns a 1991 Boeing 757 nicknamed Trump Force One.
Elsewhere on Forbes' Real-Time Billionaires rankings, Elon Musk is down $8.7bn on Friday, while Jeff Bezos has lost $16bn in net worth and Mark Zuckerberg $17.9bn. Europe's richest man Bernard Arnault is also down $13bn on his net worth as the European Union braces for a 20% tariff on US imports.
Three of the US's major markets, The Dow Jones Industrial Average, the S&P 500, and the Nasdaq opened to sharp losses on Thursday morning. However, the US President told reporters at the end of the day: "I think it's going very well. The markets are going to boom, the stock is going to boom, the country is going to boom."
In a post on Truth Social, Trump said: "TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE. THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!"
Trump put some of the highest tariffs on "nations that treat us badly". That included an extra 34% on goods from China and 24% on Japan.
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