Billionaire attendees at President Donald Trump's January swearing-in ceremony have collectively lost $209 billion in personal wealth since inauguration day, Bloomberg reported. The dramatic reversal comes after these same executives had reached unprecedented wealth levels during the post-election market surge.
The world's wealthiest individuals who flanked Trump during the Capitol Rotunda ceremony on January 20 – including Tesla chief executive officer Elon Musk, Amazon founder Jeff Bezos and Meta Platforms founder Mark Zuckerberg – have experienced significant financial losses as markets have turned negative. The Bloomberg Billionaires Index shows five billionaires have seen a combined wealth reduction of $209 billion during the seven weeks since the inauguration.
The period between Trump's November election victory and his January inauguration had provided substantial wealth gains for these business leaders, with the S&P 500 Index reaching multiple record highs during that time. Investors had enthusiastically positioned their portfolios in equities and cryptocurrencies, anticipating that Trump's administration would implement business-friendly policies.
According to the financial analysis by Bloomberg, the companies associated with these billionaires have lost approximately $1.39 trillion in combined market value since January 17, the final trading day before the inauguration. The broader S&P 500 has declined 6.4% since Trump took office, with particularly steep losses occurring on Monday when the index fell 2.7%.
The most dramatic decline has affected Musk, whose fortune has dropped by $148 billion since the inauguration. The 53-year-old executive had reached a peak net worth of $486 billion on December 17 – the largest fortune ever recorded on the Bloomberg Billionaires Index. His wealth surge had been primarily driven by Tesla's stock, which nearly doubled in value following the election. However, Tesla has since surrendered all those gains amid challenges in multiple markets.
European consumers have reportedly withdrawn support for Tesla, with German sales dropping by more than 70% in January and February compared to the previous year – a reaction attributed partly to Musk's political alignments. Additionally, Tesla's Chinese shipments declined 49% last month, reaching levels not seen since mid-2022.
Bezos, who has had a complex relationship with Trump during the president's first term, has lost approximately $29 billion since mid-January. The 61-year-old executive publicly congratulated Trump after the election on Musk's X platform. Amazon contributed $1 million to Trump's inauguration fund in December, and Bezos reportedly dined with the president last month – the same day he announced his newspaper would emphasize personal liberties and free markets in its opinion section. Amazon shares have declined 14% since January 17.
Google co-founder Sergey Brin has seen his wealth decrease by $22 billion during this period. The 51-year-old executive, who still maintains a 6% stake in Alphabet, had previously participated in protests against Trump's immigration policies in 2017. After Trump's reelection in November, Brin reportedly dined with him at Mar-a-Lago in December. Alphabet's stock dropped more than 7% in early February following disappointing quarterly revenue results. The company is currently facing significant regulatory pressure from the Justice Department regarding its search engine business.
Zuckerberg's wealth has declined by $5 billion, despite Meta initially outperforming other major technology stocks early in the year. From mid-January through mid-February, Meta shares rose 19% while other technology leaders remained flat. However, the stock has since surrendered those gains entirely, contributing to the broader decline in leading technology stocks.
French luxury goods magnate Bernard Arnault has also experienced a $5 billion wealth reduction. The 76-year-old LVMH owner, described as a decades-long friend of Trump's, reportedly spoke with the then-candidate immediately following the July assassination attempt in Pennsylvania. After declining throughout most of 2023, LVMH stock increased more than 20% from the election through late January before giving up most of those gains. Financial analysts at Morningstar have noted that potential tariffs of 10% to 20% on European luxury goods could further depress the company's already struggling sales.
