- Musk, Bezos, Zuckerberg have been among hardest hit.
- Investors revel in promise of lower taxes after election.
- S&P 500 surge to record highs, Tesla’s market value doubled.
ISLAMABAD: The billionaire class that celebrated Donald Trump’s return to the White House is now reckoning with a costly miscalculation. Just seven weeks into his second term, the market rally that followed Trump’s reelection has crumbled, wiping out $209 billion from the fortunes of the world’s wealthiest investors.
Tech magnates Elon Musk, Jeff Bezos, and Mark Zuckerberg, The News reported, have been among the hardest hit, as economic uncertainty, political turbulence, and renewed regulatory fears roil Wall Street.
According to the Bloomberg Billionaires Index, the optimism that sent stocks soaring on expectations of pro-business policies has given way to a market correction that has shaved trillions off major tech and consumer stocks.
For weeks after the election, investors revelled in the promise of lower taxes and deregulation. The S&P 500 surged to record highs, Tesla’s market value doubled, and Bernard Arnault’s LVMH climbed 7% amid expectations of a luxury boom.
Zuckerberg’s Meta Platforms Inc even saw a 9% pre-inauguration rally, with an additional 20% surge in Trump’s first four weeks.
Musk briefly became the richest person in history with a $486 billion fortune. But markets, like politics, are fickle. Since then, the S&P 500 has slid 6.4%, with tech leading the decline. Inflation concerns, conflicting trade signals, and shake-ups in government policy have eroded investor confidence.
The so-called “Magnificent Seven”—Alphabet, Amazon, Apple, Microsoft, Meta Platforms, Nvidia, and Tesla—have seen their combined market capitalisation shrink by $2.7 trillion within Trump’s first 50 days.
Biggest losers among billionaires
• Elon Musk (-$148B): Musk’s net worth peaked at $486 billion on December 17, the largest ever recorded on Bloomberg’s wealth index. Tesla stock, which nearly doubled post-election, has since erased all gains. Sales in Germany have plummeted over 70%, while Chinese deliveries hit their lowest since July 2022, falling 49% last month.
• Jeff Bezos (-$29B): Amazon shares have slumped 14% since mid-January, despite Bezos’ efforts to smooth relations with Trump, including a $1 million donation to his inauguration fund.
• Sergey Brin (-$22B): The Google co-founder, who holds a 6% stake in Alphabet, initially opposed Trump’s policies but later sought dialogue. Alphabet shares fell 7% in February after missing revenue estimates, and the company is under pressure from the Justice Department to break up its search unit.
• Mark Zuckerberg (-$5B): Meta led the Magnificent Seven in early 2025, posting a 19% gain between mid-January and mid-February. However, those gains have since evaporated, with Meta’s value now down 20% from its mid-December peak.
• Bernard Arnault (-$5B): The French luxury tycoon’s LVMH initially soared 20% post-election but has since pared gains amid fears of US tariffs on European luxury goods and weakening demand.