When Donald Trump was sworn in for his second term as U.S. president on January 20, he was surrounded by some of the wealthiest individuals on the planet. Billionaires such as Elon Musk, Jeff Bezos, and Mark Zuckerberg witnessed their fortunes skyrocket in the months leading up to the inauguration, fueled by a post-election market surge.
However, just seven weeks later, the tide has turned dramatically. According to Bloomberg’s Billionaires Index, five of these top billionaires have collectively lost a staggering $209 billion since Trump took office.
Market Rally Before Trump’s Inauguration
Following Trump’s election victory, financial markets experienced an unprecedented surge:
-
S&P 500 hit record highs as investors bet on pro-business policies.
-
Cryptocurrency markets soared, attracting speculators eager for high returns.
-
Tech and luxury stocks experienced rapid growth, driving billionaire wealth to new heights.
Key Gains Before the Inauguration
-
Tesla stock surged 98%, propelling Musk’s net worth to an all-time high of $486 billion by mid-December.
-
Bernard Arnault, CEO of LVMH, saw his fortune increase by $12 billion in a single week.
-
Meta’s stock jumped 9% before the inauguration and gained another 20% in the following weeks.
However, the optimism was short-lived.
The Post-Inauguration Market Crash
Since Trump’s return to office, the S&P 500 has dropped 6.4%, with a particularly steep 2.7% decline on a single Monday. Contributing factors include:
-
Mass government layoffs, unsettling investors.
-
Uncertainty over trade policies, particularly shifting tariff decisions.
-
Plummeting stock values, with major companies losing a combined $1.39 trillion in market capitalization since January 17.
The Billionaires Hit Hardest
-
Elon Musk (-$148 billion): Musk experienced the sharpest decline, with his net worth plummeting as Tesla erased all its post-election gains. European buyers turned away from the brand, in part due to Musk’s outspoken support for far-right politicians. Tesla’s sales in Germany plunged 70% in early 2025, while Chinese shipments fell 49% in February — marking the worst performance since mid-2022.
-
Jeff Bezos (-$29 billion): Bezos surprised many by congratulating Trump on X (formerly Twitter) after the election, despite past tensions with the former president over Amazon’s relationship with the U.S. Postal Service and Bezos’ ownership of The Washington Post. Amazon even contributed $1 million to Trump’s inauguration fund. Yet, none of this goodwill protected Bezos from the market downturn, as Amazon’s stock tumbled 14% since January 17.
-
Sergey Brin (-$22 billion): The Google co-founder, who previously opposed Trump’s immigration policies, dined with the president at Mar-a-Lago after the November election. However, this gesture didn’t shield Alphabet’s stock from dropping over 7% in February after the company reported disappointing earnings. Additionally, the U.S. Justice Department continues its push for a potential breakup of Google’s search engine business, keeping investors wary.
-
Mark Zuckerberg (-$5 billion): Meta had a promising start to 2025, with its stock rising 19% between mid-January and mid-February, outperforming other tech giants in the "Magnificent Seven." However, those gains have since evaporated. The broader Magnificent Seven index has fallen 20% from its December peak, dragging Zuckerberg’s fortune down with it.
-
Bernard Arnault (-$5 billion): Arnault, the mastermind behind LVMH, has maintained close ties with Trump for years, even speaking to him the day after the Pennsylvania assassination attempt last July. Initially, LVMH shares soared over 20% from election night through January. Yet, fears surrounding Trump’s proposed tariffs on European luxury goods — ranging from 10% to 20% — have weighed heavily on the stock, erasing most of those earlier gains.
The euphoria surrounding Trump’s return to power has given way to a stark financial reckoning. While billionaires reaped massive gains before the inauguration, they are now experiencing sharp declines as markets adjust to policy uncertainties.
With government job cuts, erratic trade decisions, and a volatile economic landscape, these billionaires are facing a crucial lesson: what the market gives, it can just as easily take away.
With inputs from agencies
Image Source: Multiple agencies
© Copyright 2025. All Rights Reserved Powered by Vygr Media.
