On January 20, as Donald Trump took the oath of office for his second term as President of the United States, some of the world’s wealthiest individuals were present at the ceremony. Billionaires such as Elon Musk, Jeff Bezos, and Mark Zuckerberg had seen record financial gains leading up to the inauguration, benefiting from soaring stock markets. However, just seven weeks later, these fortunes have taken a significant hit.
According to the Bloomberg Billionaires Index, five of these high-profile billionaires have collectively lost $209 billion in net worth since Trump’s inauguration. The period between Trump’s re-election and his swearing-in saw investors driving stock and cryptocurrency markets to new highs, anticipating policies favorable to business. However, market expectations have shifted dramatically since he assumed office.
Stock Market Rally Before Inauguration
In the weeks following Trump’s election victory, major stock indices, including the S&P 500, reached all-time highs. Investors poured money into equities, believing Trump’s policies would continue to benefit businesses and economic growth.
Tesla, under Elon Musk, saw its stock price nearly double, surging by 98% after the election. French billionaire Bernard Arnault’s luxury goods company LVMH also gained 7% in the week before Trump’s inauguration, adding $12 billion to his net worth. Even Meta, the company led by Mark Zuckerberg, which had previously banned Trump from its platforms, saw a 9% rise before the inauguration and an additional 20% increase in the first month of Trump’s second term.
Market Decline Following Trump’s Return
Despite the initial optimism, stock markets have since taken a downturn. The S&P 500 has fallen by 6.4% since January 20, with a sharp 2.7% drop on Monday. The decline has been driven by mass layoffs of government employees and uncertainty over Trump’s stance on tariffs, which has created volatility in the market.
The companies that contributed to the immense wealth of these billionaires have been among the hardest hit. Since January 17, the last trading day before Trump’s inauguration, these firms have collectively lost $1.39 trillion in market value. Here’s how some of the world’s richest individuals have been impacted:
Elon Musk: Down $148 Billion
Elon Musk, the CEO of Tesla, saw his fortune peak at $486 billion on December 17, marking the highest net worth ever recorded by Bloomberg’s wealth index. Much of this wealth was tied to Tesla’s stock, which surged after the election. However, since Trump took office, Tesla has lost all of its post-election gains.
Musk’s standing in global markets has also suffered. His political affiliations have alienated European consumers, leading to a 70% drop in Tesla sales in Germany in the first two months of the year. Additionally, Chinese shipments declined by 49% last month, reaching levels not seen since July 2022.
Jeff Bezos: Down $29 Billion
Jeff Bezos, the founder of Amazon, had a complex relationship with Trump during his first term, clashing over issues such as the U.S. Postal Service and his ownership of The Washington Post. Despite past tensions, Bezos congratulated Trump after his re-election via Musk’s social media platform, X.
In December, Amazon donated $1 million to Trump’s inauguration fund. Bezos also met with Trump last month, coinciding with an announcement that The Washington Post would focus more on personal liberties and free markets in its opinion section. However, Amazon’s stock has since fallen 14% since January 17, significantly impacting Bezos’s net worth.
Sergey Brin: Down $22 Billion
Google co-founder Sergey Brin, who still holds a 6% stake in the company’s parent company, Alphabet, has also faced financial setbacks. Brin was previously a vocal critic of Trump’s policies, even participating in protests against the administration’s immigration policies in 2017.
After Trump’s re-election, Brin attended a dinner with him at Mar-a-Lago in December. However, Alphabet’s stock has dropped by more than 7% after missing quarterly revenue estimates. The company is also under pressure from the U.S. Justice Department, which is pushing for the breakup of its search engine business.
Mark Zuckerberg: Down $5 Billion
At the beginning of the year, Meta stood out as one of the strongest performers among the “Magnificent Seven” tech companies. While most major tech stocks were stagnating, Meta’s stock surged by 19% between mid-January and mid-February. However, those gains have since been erased, with the Magnificent Seven index declining by 20% from its mid-December high.
Bernard Arnault: Down $5 Billion
Bernard Arnault, the 76-year-old owner of luxury goods conglomerate LVMH, has been a longtime associate of Trump. He spoke with the then-presidential candidate the day after the Pennsylvania assassination attempt in July.
Although LVMH stock rose over 20% between the election and late January, it has since lost most of those gains. Analysts from Morningstar have warned that a potential 10% to 20% tariff on European luxury goods could further hurt sales, which have already been struggling.
