From Musk To Zuckerberg, How Donald Trump’s Second Term Has Already Cost Billionaires Billions

The stock market's rollercoaster under President Donald Trump's latest term has erased massive wealth from some of the world's richest individuals. Investor anxiety over tariffs, policy shifts, and economic uncertainty has triggered a sell-off that has wiped out $4 trillion from the S&P 500 since its peak last month. Wall Street, once bullish on Trump's economic agenda, has since been rattled by his unpredictable moves, especially escalating trade tensions with key partners like China, Canada, and Mexico.

When Trump was sworn in on January 20, he was surrounded by some of the planet's wealthiest individuals, including Elon Musk, Jeff Bezos, and Mark Zuckerberg. At that moment, their fortunes were at an all-time high, boosted by a strong strumtock market in the lead-up to his presidency. However, the optimism that fueled their gains has since given way to losses totaling $209 billion, according to the Bloomberg Billionaires Index.

Before Trump's inauguration, investors piled into equities and cryptocurrencies, expecting pro-business policies to drive further market growth. The S&P 500 repeatedly hit record highs, and tech giants saw their valuations soar. Musk's Tesla stock nearly doubled post-election, Bernard Arnault's LVMH surged 7% ahead of Inauguration Day, and Meta's shares climbed 9% before Trump's swearing-in, followed by another 20% surge in the first month of his term.

That momentum has since reversed. The S&P 500 has dropped 6.4% since Trump's second term began, with market jitters exacerbated by widespread government layoffs and uncertainty surrounding trade policies. On Monday alone, the benchmark index tumbled 2.7%. The companies behind many of the billionaires present at Trump's inauguration have lost a staggering $1.39 trillion in market value since January 17, the last trading day before his swearing-in.

Here's how some of the biggest names have been impacted:

Going by Bloomberg report, Musk's fortune hit an all-time high of $486 billion on December 17, making him the richest person ever recorded on Bloomberg's index. Much of that came from Tesla's meteoric post-election rise. However, the electric carmaker's stock has since erased those gains, hit by plummeting sales in Germany and China. He has lost $148 billion.

Jeff Bezos, the Amazon founder, who had issues with Trump in his first term over the postal service and his ownership of The Washington Post, has shown signs of warming to the US President. Amazon donated $1 million to Trump's inauguration fund in December, and Bezos even dined with him in February. However, Amazon's stock has slid 14% since January 17, dampening Bezos' wealth significantly. He has lost $29 billion.

Likewise, Google co-founder Sergey Brin has had a complicated relationship with Trump, once protesting his immigration policies and later attending a private dinner at Mar-a-Lago post-election. Alphabet Inc. shares have struggled, plummeting over 7% in February after missing earnings expectations. He has lost $22 billion.

Mark Zuckerberg's Meta initially surged at the start of Trump's term, outperforming other tech stocks. However, those gains have since evaporated, with the so-called "Magnificent Seven" tech index-comprising Meta and other major firms- losing 20% from its December peak. He has lost $5 billion.

Luxury magnate Bernard Arnault, a longtime friend of Trump's, initially saw LVMH stock climb over 20% from election day through January. However, most of those gains have now been wiped out. Analysts warn that potential tariffs on European luxury goods, ranging from 10% to 20%, could further hurt sales, which were already struggling before the market downturn. He has lost $5 billion

The Road Ahead

While markets remain volatile, the billionaire class is learning firsthand how unpredictable Trump's policies can be. The initial euphoria surrounding his second term has given way to uncertainty, and the billionaires who once benefited from the Trump-driven stock surge are now facing some of their steepest losses yet. Whether they can recoup their fortunes will depend largely on how the administration navigates trade disputes, economic policy, and market confidence in the months ahead.