Billionaires who attended Trump's inauguration lost $209 billion
When Donald Trump was sworn in on January 20, 2025, he was watched by the world's richest people. The billionaires in attendance that day, including Elon Musk, Jeff Bezos, and Mark Zuckerberg, had achieved the greatest wealth in their history and had achieved great success in the stock market.
But seven weeks later, the tide has turned. According to the Bloomberg Billionaires Index, the five billionaires who sat with Trump in the Capitol rotunda have lost a combined $209 billion since the start of his second term.
The period between Trump's election and inauguration was a boon for the world's richest people, with the S&P 500 hitting an all-time high. Investors flocked to the stock and cryptocurrency markets, anticipating Trump's pro-business policies.
Musk's Tesla stock surged 98% to a record high in the weeks following the election. Arnault's LVMH rose 7% in the week before the inauguration, adding $12 billion to his fortune. Zuckerberg's Meta Platforms, which kicked Trump off its platform in 2021, rose 9% before the start of the new term and 20% in the four weeks after taking office.
But hopes that a new term would preserve market gains have not materialized. The S&P 500 has lost 6.4 percent since Trump took office. Mass layoffs of government workers and Trump's tariff retaliation have rattled the stock market, sending the benchmark index down 2.7 percent on Monday.
Main causes of losses
Trump's dramatic changes in economic policy
The new president's rise to power has led to a policy of sharply cutting government spending and reducing the number of civil servants, which has increased market uncertainty and led to a decline in the value of shares in large corporations.Trade wars and tariff policies
Trump's new tariffs on imported goods have caused a sharp change in international trade. In particular, conflicts with China and the European Union have negatively affected many global companies.Stock market turbulence and uncertainty
Investors have begun selling shares of many companies, weighing in on Trump's policy decisions, leading to sharp declines in shares of tech giants including Tesla, Meta, and Amazon.Restrictions in the field of digital technologies
The new administration has imposed new regulations on several tech giants, weakening the market positions of companies like Google, Meta, and Microsoft.
As a result, since the start of Trump's second term, these factors have worked together to cause major losses among the world's richest people. Billionaires who expected to benefit from Trump's policies have instead faced major financial problems.
Companies owned by billionaires who attended Trump's inauguration suffered the biggest losses, with their combined market value down $1.39 trillion since January 17, the last trading day before the inauguration.
Related to the topic
-
It has been 305 days since Israel launched its war of aggression and destruction in the Gaza Strip. 24 hours of major events in the Gaza Strip, the West Bank and the entire Middle East.
-
One of India's most famous Muslims, Wakil Hasan's house in New Delhi was demolished without warning. In November, he and his team became heroes after rescuing 40 miners trapped in a landslide in 26 hours.
