Several billionaires who publicly supported US President Donald Trump and attended his inauguration on January 20 have lost a total of $209 billion since then. About this informs Bloomberg.
On Inauguration Day, Elon Musk, Jeff Bezos, and Mark Zuckerberg had some of the largest fortunes, reaping significant gains from the stock markets. However, after just seven weeks, the situation has changed dramatically, and most of the billionaires who welcomed Trump have suffered significant financial losses.
Elon Musk lost 148 billion dollars. His net worth peaked on December 17, 2024 at $486 billion. Much of that revenue came from a rally in Tesla’s stock, which nearly doubled in price. However, these profits have now disappeared.
In Europe, electric car users are disappointed by Musk’s actions, particularly his support for far-right politicians. In Germany, for example, Tesla sales fell by more than 70% in January and February, and in China, deliveries fell by 49% in February, the lowest since July 2022.
Jeff Bezos lost $29 billion in seven weeks. Although he has previously clashed with Trump, he donated $1 million to the inaugural fund and met with the president in person in February. At the same time, Amazon shares fell by 14% after January 17.
Sergey Brin lost 22 billion dollars. He joined protests against Trump’s immigration policies in 2017, but dined with him at Mar-a-Lago in December 2024. At the beginning of February, shares of Alphabet fell by 7%, and the company itself is currently under pressure from the US Department of Justice.
Mark Zuckerberg lost 5 billion dollars during this period. Although the Meta gained 19% from mid-January to mid-February, all of those gains were subsequently lost. The Magnificent Seven index is down 20% from its peak in mid-December.
Bernard Arnault also suffered $5 billion in losses. His family, which owns the brands Louis Vuitton and Bulgari, has maintained a relationship with Trump for many years. Although LVMH shares rose more than 20% after the US election, they have since fallen again.
Photo: rferl.org
