President Donald Trump’s announcement of new tariffs sent shockwaves through Wall Street, resulting in significant losses for the world’s wealthiest individuals.

Over the two-day plunge, the combined losses wiped out $30.9 billion from Elon Musk’s net worth, $23.49 billion from Jeff Bezos’, and $27.34 billion from Mark Zuckerberg’s, making them the three richest people in the world, in that order, according to Bloomberg’s Billionaires Index.

On Wednesday, Trump unveiled a 10% baseline tariff on imported goods from all countries, effective April 5.

He also introduced “individualized” tariffs, potentially as high as 50%, targeting specific nations and regions.

The announcement triggered a stock market crash, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each dropping more than 5% on Friday, adding to the significant losses from Thursday.

According to Bloomberg, the world’s 500 richest people faced the largest two-day loss ever recorded by the Billionaires Index.

The bulk of the top trio’s net worth is tied to the value of their companies—Tesla, Amazon, and Meta.

The newly announced tariffs are especially damaging to tech stocks, as the industry heavily depends on manufacturing, computer chips, and IT services from countries like China, India, and Taiwan.

Musk’s fortune has dropped by $130 billion so far this year, according to the Bloomberg index.

Despite the losses, his current estimated net worth of $302 billion still surpasses Bezos, at $193 billion, and Zuckerberg, at $179 billion.