Elon Musk
.
Jeff Bezos
.
Sergey Brin
.
Mark Zuckerberg
. Bernard Arnault.
They’re among
the world’s richest people
, and they all
were present at President Donald Trump’s inauguration
And now, collectively, they have lost $209 billion since the Republican assumed office.
Bloomberg
reports.
Musk’s
net worth declined the most
, decreasing by $148 billion since January 20.
Amazon
CEO Bezos took the second spot, dropping $29 billion, while
Google
Co-founder Brin saw a loss of $22 billion.
Meta
CEO Zuckerberg and LVMH CEO Arnault each bid farewell to $5 billion.
Musk — who is the owner of both SpaceX and
Tesla
— witnessed his net worth reach its zenith in December at an impressive $486 billion, marking the highest figure ever documented by the Bloomberg Wealth Index. Musk utilized
almost $300 million of his wealth to back Trump’s presidential run
And other Make America Great Again supporters throughout 2024.
Most of Musk’s increase in wealth was due to substantial gains made by Tesla, although these gains have since evaporated, according to Bloomberg. Similarly, Bezos’s decrease in fortune can largely be traced back to a 14 percent decline in Amazon stock values since January.
Brin’s fall comes as shares of
Alphabet Inc
. — Google’s parent company — tumbled more than 7 percent early last month.
Zuckerberg, meanwhile, was initially poised to have a good first quarter after Meta rose 19 percent from mid-January to mid-February — however, the stock has since lost those gains. Arnault’s LVMH similarly saw a 20 percent spike from early November to late January, but those gains have since been lost.
The Independent
has contacted the five billionaires for comment through their respective companies.
These billionaires’ losses have occurred alongside the
Dow Jones
The Industrial Average dropped nearly 900 points on Monday. The Dow finished down by 890 points, after initially seeming poised for its most significant decline since 2022 due to Trump’s trade conflicts.
On Monday at some stage, the Dow dropped by as much as 1,000 points, potentially placing it among the top 20 worst trading days ever recorded. Elon Musk’s company Tesla saw its stock plummet by 15%, along with a decline in share prices for other companies.
Apple
,
Microsoft
, Alphabet, Amazon.com,
Nvidia
And Meta Platforms dropped over 3 percent. The following day, the markets kept declining, momentarily pushing Wall Street down by about 10% from its peak established just last month.
Trump’s Commerce Secretary
Howard Lutnick
appeared unfazed by the decline, stating to NBC News, “There will be no recession in America.”
However, external specialists aren’t dismissing it either.
JPMorgan Chase
increased their chance of a recession from 30 to 40 percent, as stated by the
Wall Street Journal
.
Mark Zandi, who serves as the chief economist at the credit ratings firm Moody’s,
previously told
The Independent
that Americans ought to be concerned “about the economy” as Trump enacts his tariffs.
“There are many storms out there, and they’re becoming increasingly intense,” Zandi stated.
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