The beginning of Donald Trump’s second term as president has caused a significant drop in the stock market, erasing billions of dollars from the wealth of some of the world’s richest people.
On January 20, when Trump was sworn into office, billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg were among the honored guests. At the time, their companies were valued at record highs.
But just seven weeks later, five of these billionaires have lost a combined $209 billion, according to the Bloomberg Billionaires Index.
Before Trump’s inauguration, investor optimism had pushed the markets to new heights. The S&P 500 reached multiple record highs, with Tesla’s stock rising 98% after Trump’s re-election. LVMH saw a 7% increase in the week before the inauguration, and Meta Platforms jumped 9%, followed by another 20% rise in Trump’s first month back in office.
However, hopes for continued growth have been dashed. Since Trump’s return, the S&P 500 has fallen by 6.4%, including a sharp 2.7% drop on March 10 alone.
Analysts say uncertainty over widespread government layoffs and Trump’s changing approach to tariffs have shaken investor confidence.
Companies linked to Trump’s high-profile inauguration guests have been hit particularly hard, losing a total of $1.39 trillion in market value since January 17, the last trading day before the inauguration.