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Musk, Bezos, Ellison
Despite the campaign backing he received from wealthier Americans, US President Donald Trump’s rhetoric has seen eight US billionaires suffer more than $250 billion in financial losses since he took office in January.
They include the world’s richest man, Elon Musk, also Trump’s largest campaign donor, who spent $277 million to get him elected, after which the mogul was given extensive powers by Trump to downsize government and fire thousands of workers.
Musk’s personal fortune broke a record in December as his net worth, tied to his holdings in Tesla, SpaceX, social media platform X and other companies, reached a peak of $486 billion.
However, Trump’s policies since taking office have seen Musk’s fortunes sinking.
Musk's losses have been estimated at over $130 billion since mid-January. He lost $39 billion on Monday alone, led by falling Tesla shares, investor concerns, and declining sales, some spurred by his large public role in the Trump administration.
Tesla hit a $1.4 trillion market cap in December, making up the total value of all other major players in the global auto industry.
Musk’s Nazi-like salute at Trump’s inauguration and his public support for far-right political parties in Europe led to Tesla sales on the continent tanking.
Tesla’s market cap fell to $770 billion as of Monday, losing 50% of its value in only three months.
Musk’s fall was followed by Amazon founder Jeff Bezos, another billionaire who attended Trump’s Jan. 20 inauguration in a high-profile show of support.
Bezos lost $20 billion since Trump took office, with his e-commerce website Amazon seeing an 11% drop in shares.
US tech firm Oracle founder Larry Ellison lost $20 billion, while Dell founder Michael Dell saw both his personal and company fortunes plummet $20 billion each.
Nvidia CEO Jensen Huang also lost $20 billion, while Nvidia shares fell 20% after the release of its next iteration of consumer graphics cards.
Google’s parent firm Alphabet’s shares fell 12%, while its cofounders Larry Page and Sergey Brin lost $18 billion and $17 billion, respectively.
Microsoft shares dropped 10% as its ex-CEO Steve Ballmer saw a $13 billion hit to his fortune. (Anadolu Agency, excluding headline)
