The world’s ten richest people lost a combined $69 billion on Friday as global markets plunged amid rising trade tensions between the United States and China . The sell-off followed President Donald Trump’s announcement of a 100 per cent tariff on Chinese imports starting 1 November, along with restrictions on Beijing’s access to ‘critical software’.

In response, China imposed new export controls on rare earth elements: key materials used in advanced technologies like electric vehicles, semiconductors, and wind turbines.

According to the Business Insider report, Oracle co-founder Larry Ellison and Dell CEO Michael Dell each lost over $5 billion, and tech-heavy portfolios suffered from investor fears over potential supply disruptions and slower global growth.

In spite of the slump,

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