Billionaire fortunes have plummeted under President Donald Trump, contrary to expectations. In the first eight weeks, American billionaires have collectively lost $415 billion, with the S&P 500 index falling 7.9% and the Nasdaq tumbiling 11.8%. This downturn contrasts sharply with the 2.4% increase in the S&P 500 and 1% decrease in the Nasdaq following President Joe Biden’s inauguration.
Uncertainty and trade tensions are driving stocks lower, including Trump’s on-again, off-again decisions on imposing tariffs on Canada and Mexico. The new 25% steel and aluminum tariffs have sparked a potential trade war with the E.U., fueling concerns about economic growth. Analysts predict a 2.8% contraction in economic growth for the first quarter.
Tesla CEO Elon Musk has been particularly hard hit, with shares plunging 43% since Trump’s inauguration. This has erased $104 billion from Musk’s fortune, leaving him with a net worth of $330 billion. Even though Musk remains the world’s richest person, his wealth has plummeted more than any other billionaire.
Other tech heavyweights, such as Amazon and Alphabet, have also suffered significant losses. The Magnificent 7 – Tesla, Nvidia, Alphabet, Amazon, Meta, Apple, and Microsoft – have collectively lost over $1.5 trillion of their market value since January 20. The leaders of these companies, including Jeff Bezos, Sergey Brin, and Mark Zuckerberg, were among those who attended Trump’s inauguration.
As the economic outlook remains uncertain, it remains to be seen how long this downturn will last and which billionaires will continue to suffer the most.
Source: https://www.forbes.com/sites/gracethomas/2025/03/14/heres-how-much-american-billionaires-have-lost-since-trumps-inauguration