Amazon, Tesla, and Carvana Hit Hard in Major Market Sell-Off

This week, a major market sell-off wiped out billions from the wealth of some famous business figures. Amazon's stock took a 9% dive on Thursday, marking its biggest drop since April 2022, which cost founder Jeff Bezos a staggering $15.9 billion. Since hitting its peak in February, the company's shares have plummeted more than 25%, as slow growth is shaking some investors' confidence.

Tesla's CEO, Elon Musk, has seen his fortune take a hit, dropping by a staggering $110 billion, and now he's lost an additional $11 billion as Tesla's stock fell by 5.5%. This downturn is surprising, especially for him considering his previous optimism about US tariffs protecting local car manufacturers from overseas rivals.

Carvana's CEO, Ernest Garcia III, saw a staggering loss of $1.4 billion as his stock took a nosedive of 20%. His e-commerce platform, which depends heavily on imports of global goods, faced the brunt of market volatility, experiencing its worst trading day since March 2020.

In Europe, LVMH, the luxury giant, is facing a tough time as the EU prepares for possible 20% tariffs from the U.S. on products such as alcohol and luxury goods. This situation has caused Chairman Bernard Arnault’s net worth to drop by a whopping $6 billion. The tariffs could really disrupt a key market for European luxury brands.

In China, the shoemaker Huali Industrial Group Co also experienced a drop in its shares after US President Donald Trump suggested a 34% tariff increase on Chinese products. The company's founder, Zhang Congyuan, saw his wealth take a hit, losing $1.2 billion, which is about 13% of his total fortune. This move also affected competitors like Nike, Lululemon, and Adidas, highlighting how changes in trade policies can create waves across various industries and global markets.