Billionaires’ Bet on Trump Backfires as Market Losses Reach $209bn. Billionaires who celebrated Donald Trump’s return to the White House are now facing a costly misunderstanding. Just seven weeks into his second term, the market rally following Trump’s re-election has fizzled, wiping $209 billion off the fortunes of the world’s richest investors.
Tech moguls Elon Musk, Jeff Bezos and Mark Zuckerberg have been hit the hardest, The News reported, as economic uncertainty, political turmoil and new regulatory concerns weigh on Wall Street.
Stocks that had been buoyed by expectations of pro-business policies have given way to a market correction that has wiped trillions off big tech and consumer stocks, according to the Bloomberg Billionaires Index.
For weeks after the election, investors cheered the promise of lower taxes and deregulation. The S&P 500 hit record highs, Tesla’s market value doubled, and Bernard Arnault’s LVMH rose 7% amid expectations of a luxury boom.
Zuckerberg’s Meta Platforms Inc even saw a 9% pre-inauguration rally, with an additional 20% gain in Trump’s first four weeks.
Musk briefly became the richest person in history with a fortune of $486 billion. But markets, like politics, are restless. Since then, the S&P 500 has fallen 6.4%, with tech leading the decline. Inflation concerns, conflicting trade signals, and changes 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 capitalization shrink by $2.7 trillion in Trump’s first 50 days.
Biggest billionaire losers
• Elon Musk (-$148B): Musk’s net worth hit $486 billion on Dec. 17, the biggest ever on the Bloomberg Wealth Index. Tesla stock, which nearly doubled after the election, has since erased all gains. Sales in Germany have plunged more than 70%, while Chinese deliveries are at their lowest since July 2022, falling 49% last month.
• Jeff Bezos (-$29B): Despite Bezos’ efforts to smooth relations with Trump, including a $1 million donation to his inaugural fund, Amazon shares have fallen 14% since mid-January.
• Sergey Brin (-$22B): The Google co-founder, who owns a 6% stake in Alphabet, initially opposed Trump’s policies but later sought to negotiate. Alphabet shares fell 7% in February after revenue estimates were cut, 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, rising 19% between mid-January and mid-February. However, those gains have since evaporated, with Meta now worth 20% below its mid-December peak.
• Bernard Arnault ($5B): French luxury tycoon LVMH initially rose 20% after the election but has since pared gains amid concerns about U.S. tariffs on European luxury goods and weak demand.
