New Delhi, Oct. 13 -- 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 a Business Insider report, the Bloomberg Billionaires Index showed Tesla CEO Elon Musk incurred a staggering $16 billion loss after Tesla shares plunged by 5 per cent during Friday's ro...