Amid the recession earthquake in global markets, losses in technology companies stood out. The losses of billionaires supporting Trump’s presidency surpassed 300 billion dollars. The person whose wealth eroded the most was Trump’s close working associate Elon Musk. While fears of an economic slowdown in the US shook the global markets, the US stock market witnessed one of the most severe sell-offs of the past two years. The technology index Nasdaq recorded its largest daily drop since September 2022 at 4%. Losses in Elon Musk’s electric vehicle company Tesla and the artificial intelligence carrier Nvidia were prominent. On the other hand, the erosion of wealth in the billionaires supporting Trump’s presidency and standing side by side during the inauguration was notable.
TESLA HALVED IN VALUE
Musk’s company Tesla, the biggest supporter of Trump’s journey to power, had risen to $480 on December 18, setting a record. The company’s shares lost over 50% from the peak level during the following 3-month period. Tesla’s shares fell by 15.4% yesterday to $222. The market value also dropped from $1.5 trillion to $850 billion. Tesla’s shares, which rapidly rose after Trump’s election victory, lost momentum due to the actions of CEO Elon Musk, responsible for the Department of Government Efficiency (DOGE), and his support for far-right political parties in Europe. There was a significant decline in Tesla’s sales in Europe in particular.
MUSK’S WEALTH DECLINING
Furthermore, due to the losses in Tesla, Musk’s wealth diminished. According to the Bloomberg Billionaires Index, Musk set a record with $486 billion on December 18, 2024. However, recent data revealed that Musk’s assets plummeted by 38% to $301 billion.
BILLIONAIRES LOSING
On the other hand, substantial declines were observed in the fortunes of billionaires standing side by side during Trump’s inauguration. Amazon’s founder Jeff Bezos’ wealth dropped from $260 billion to $220 billion. Meta CEO Mark Zuckerberg’s losses approached $38 billion. Zuckerberg, with a fortune of $259 billion in February, now has a current worth of $221 billion. During this period, Oracle CEO Larry Ellison also suffered significant losses. Ellison saw his wealth reach $211 billion in January but dropped to $169 billion with recent declines.