Five billionaires from Trump’s inauguration have lost $209 billion in wealth, reflecting major financial setbacks over the years.
Five billionaires who were present at Donald Trump’s inauguration have seen their wealth drop significantly.
Together, they have lost a staggering $209 billion.
This loss emphasizes the changing fortunes of some of the richest individuals in the world.
Five notable billionaires attended Trump’s inauguration ceremony.
When Trump took his oath of office, he was surrounded by notable billionaires.
Among them were Elon Musk, Jeff Bezos, Mark Zuckerberg, Bernard Arnault, and Sergey Brin.
These men are major figures in the tech industry and have been influential in their fields.
Initially, their wealth seemed stable or even increasing after the inauguration.
However, this quickly changed as the stock market began to decline.
Within a few weeks, their companies faced significant losses, leading to a dramatic drop in their net worth.
Stock market declined sharply after Trump’s inauguration day.
The problems began shortly after Trump’s inauguration on January 20.
The S&P 500 index, which tracks the performance of large companies, fell nearly 7 percent.
This decline affected many investors and caused concern in the market.
Before the inauguration, there was a surge in stock prices. Investors were optimistic about Trump’s policies and expected positive changes for the economy.
This optimism led to a rise in the stocks of the companies owned by these billionaires. However, once Trump was in office, the reality shifted.
Five of world’s richest men who attended Trump’s inauguration have lost combined $209 billion in wealth
Each billionaire faced substantial losses as their companies’ stock values dropped.
Elon Musk
Elon Musk, who had previously reached a record wealth of $486 billion, saw his fortune decrease by $145 billion.
Many believe that Musk’s political ties may have upset some of his customers, negatively impacting Tesla’s sales.
Jeff Bezos
Jeff Bezos, the founder of Amazon, lost $31 billion due to a 15 percent drop in Amazon’s sales.
His company had previously donated $1 million to Trump’s inauguration, but this financial support did not shield him from the market’s downturn.
Sergey Brin
Sergey Brin, one of the co-founders of Google, lost $23 billion after Alphabet Inc. missed quarterly revenue targets.
The company’s shares fell by more than 7 percent shortly after Trump took office.
Mark Zuckerberg, the CEO of Meta, also experienced losses.
He lost $8 billion as his company’s stock fell by 21 percent from its peak. Despite this, Zuckerberg fared slightly better than some of the other billionaires.
The overall decline in the tech sector contributed to the losses experienced by these billionaires.
Investors became more cautious, leading to a drop in stock prices across the board.
Bernard Arnault
Bernard Arnault, who heads the luxury brand conglomerate LVMH, lost $5 billion.
His company owns high-end brands like Louis Vuitton and Bulgari.
While Arnault’s losses were less severe than those of his peers, he still faced challenges.
Analysts pointed out that tariffs on European luxury goods could further impact Arnault’s sales.
With a history of friendship with Trump, Arnault’s presence at the inauguration seemed to carry its own risks and rewards.
