Trump’s Second Term Sees $200 Billion Vanish from Billionaires’ Fortunes
Donald Trump’s second term has caused a dramatic financial downturn for several billionaires who were present at his swearing-in ceremony. In just seven weeks, five of the wealthiest individuals, including Elon Musk, Jeff Bezos, and Mark Zuckerberg, have lost a combined $209 billion, according to Bloomberg’s Billionaires Index.
The post-election stock market rally that initially benefited these billionaires has quickly reversed. Tesla, Amazon, Google, and Meta stocks have all dropped significantly. Musk, the hardest hit, lost $148 billion as Tesla’s global sales slumped. Bezos saw a $29 billion loss as Amazon’s stock fell 14%, while Zuckerberg’s Meta lost its gains, dropping $5 billion.
The S&P 500 has fallen 6.4% since Trump took office, with concerns over government layoffs and Trump’s unpredictable tariffs contributing to the market turmoil. As the market corrects, the once soaring fortunes of these billionaires have rapidly diminished.
Trump’s Second Term Sees $200 Billion Vanish from Billionaires’ Fortunes
The start of Donald Trump’s second presidential term has triggered staggering financial losses for several prominent billionaires who attended his January 20 inauguration. Initially buoyed by a post-election market rally, their fortunes quickly unraveled amid policy shifts and economic turbulence, erasing hundreds of billions in collective wealth within weeks.
A Swift Reversal of Fortunes
Following Trump’s election victory in November, markets surged on expectations of deregulation and pro-business policies. The S&P 500 climbed to record highs, while cryptocurrencies like Bitcoin rallied. Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Meta’s Mark Zuckerberg, Google co-founder Sergey Brin, and LVMH’s Bernard Arnault saw their net worths soar. By December, Musk’s wealth had peaked at $486 billion as Tesla shares nearly doubled. Arnault gained $12 billion in a single week, and Meta’s stock rose 29% between Election Day and Inauguration Day.
Yet, the celebratory mood proved short-lived. By early March, the S&P 500 had fallen 6.4% from its January peak, with a single-day 2.7% plunge on March 4. Companies tied to these billionaires lost $1.39 trillion in market value, according to Bloomberg’s Billionaires Index. The downturn stemmed from Trump’s abrupt policy shifts—including threats of aggressive tariffs—and sweeping government layoffs that rattled investor confidence.
Breakdown of Losses
Elon Musk: -$148 Billion
Musk suffered the most dramatic decline. Tesla’s stock, which had soared 98% post-election, collapsed as sales in critical markets nosedived. In Germany, Tesla registrations fell 70% year-over-year in early 2025, while Chinese deliveries dropped 49% in February—the steepest decline since mid-2022. Analysts linked the slump to Musk’s vocal support for far-right political figures, which alienated environmentally conscious consumers. Tesla’s market cap now sits below pre-election levels, erasing all gains from the Trump rally.
Jeff Bezos: -$29 Billion
Despite Amazon’s $1 million donation to Trump’s inauguration and Bezos’ public congratulations, the company’s shares fell 14% post-inauguration. Rising labor costs and antitrust scrutiny compounded fears that Trump’s proposed tariffs could disrupt Amazon’s global supply chains.
Sergey Brin: -$22 Billion
Brin, who had criticized Trump’s immigration policies in 2016, privately met with the president post-election. However, Alphabet’s stock slid over 7% in February after disappointing ad revenue, while the U.S. Department of Justice renewed efforts to break up Google’s search monopoly, further unsettling investors.
Mark Zuckerberg: -$5 Billion
Meta initially thrived, with shares rising 20% after Trump’s inauguration. However, the gains evaporated as broader tech stocks faltered. The “Magnificent Seven” group—including Meta—entered a bear market, down 20% from December highs, amid concerns over AI investments and regulatory threats.
Bernard Arnault: -$5 Billion
Arnault’s LVMH enjoyed a 20% stock surge post-election, but Trump’s proposed 10–20% tariffs on European luxury goods sparked panic. Investors worried the tariffs could cripple demand for high-end brands like Louis Vuitton and Dior, which derive significant revenue from U.S. consumers.
A Harsh Reality Check
The billionaires’ financial whiplash underscores the fragility of markets amid political uncertainty. While Trump’s first term saw corporate tax cuts and deregulation fueling record wealth growth, his second-term agenda—marked by protectionist trade policies and abrupt governance changes—has injected volatility. For instance, Trump’s sudden dismissal of federal employees disrupted sectors reliant on government contracts, while mixed signals on tariffs spooked global markets.
The reversal also highlights how closely tied these fortunes are to public sentiment. Musk’s polarizing political alignment, for example, has arguably impacted Tesla’s brand loyalty. Similarly, Meta’s rebound under Trump contrasts with its 2022 slump, demonstrating the tech sector’s sensitivity to regulatory environments.
In hindsight, the post-election rally appears to have been a speculative bubble, inflated by optimism rather than tangible policy outcomes. As Trump’s economic strategy evolves, the financial trajectories of these billionaires—and the markets at large—will hinge on whether stability can replace uncertainty. For now, their losses stand as a stark reminder that even the wealthiest are not immune to the tides of political change.
