Donald Trump's latest tariff announcement triggered a market crash - and his biggest campaign donors paid the price.
From Elon Musk to Miriam Adelson, the top 10 billionaire backers of Trump collectively lost more than $10 billion on Thursday alone, as stocks nosedived following what Trump called "Liberation Day." Ironically, the US president himself came out nearly unscathed. While his social media firm dipped less than 2 per cent, major business figures tied to him weren't as lucky.
The losses came primarily from exposure to international markets - particularly China and other Asian economies targeted by the tariffs. Trump's billionaire donors have heavily invested in sectors sensitive to global supply chains, and Thursday's 5 per cent market crash hit them where it hurt most.
Who Lost What?
1. Elon Musk
- Pro-Trump donations: $359 million
- Net worth: $378 billion
- One-day loss: $8.7 billion
Tesla fell 5 per cent as fears mounted over parts sourced globally. Musk's companies remain heavily intertwined with global manufacturing hubs.
2. Miriam Adelson and Family
- Pro-Trump donations: $111 million
- Net worth: $28.8 billion
- One-day loss: $1 billion
Las Vegas Sands-Adelson's core business has major casinos in Macao and Singapore. Its shares plunged 7 per cent as the Asia-facing business felt the tariff shockwave.
3. Mark Zuckerberg
- Net worth: $179 billion
- Loss over two days: $27 billion
Meta stock slumped nearly 14 per cent in two days.
4. Jeff Bezos
- Net worth: $193 billion
- Two-day loss: $23.5 billion
Amazon, deeply tied to global sellers (especially from China), has seen $45 billion erased from Bezos' fortune this year alone.
5. Diane Hendricks
- Pro-Trump donations: $26 million
- Net worth: $21.9 billion
- One-day loss: $650 million
Hendricks' company, ABC Supply, depends on global vendors. Price hikes and lower sales are likely, with markets reacting accordingly.
6. Richard and Elizabeth Uihlein
- Pro-Trump donations: $93 million
- Net worth: $11.8 billion
- One-day loss: $480 million
Their packaging company, Uline, tied to global supply chains, took a direct hit.
7. Kelcy Warren
- Pro-Trump donations: $13 million
- Net worth: $7.2 billion
- One-day loss: $360 million
Energy Transfer shares fell 6 per cent as the pipeline sector braced for costlier steel and raw material imports.
8. Howard Lutnick and Family
- Pro-Trump donations: $11 million
- Net worth: $3.1 billion
- One-day loss: $270 million
His finance and real estate ventures, including BGC Group and Cantor Fitzgerald, saw sharp declines amid economic uncertainty.
9. Anthony Pratt
- Pro-Trump donations: $10 million
- Net worth: $8 billion
- One-day loss: $270 million
Pratt Industries, heavily tied to global packaging demand, could suffer as US exports face retaliation.
10. Linda McMahon
- Pro-Trump donations: $20 million
- Net worth: $3.1 billion
- One-day loss: $65 million
Her entertainment firm TKO Group, parent of WWE and UFC, dropped 5 per cent.
11. Isaac and Laura Perlmutter
- Pro-Trump donations: $25 million
- Net worth: $4.7 billion
Having exited Disney recently, their remaining investments tied to the S&P 500 likely suffered a $240 million dip.
12. Paul Singer
- Pro-Trump donations: $8 million
- Net worth: $6.2 billion
The hedge fund billionaire, once critical of Trump's tariff approach, may now be feeling the pinch through private investments.
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