Amid unstable economic indicators, the fortunes of five billionaires who attended Donald Trump's second inauguration have significantly decreased. Let's explore the details and factors affecting this outcome.
Top Billionaires' Wealth Decline
According to the Bloomberg Billionaires Index, the five billionaires have collectively lost $209 billion since Trump's return to the White House. Economists point to unpredictable trade policies as the primary driver of this decline. No billionaire has been hit harder than Elon Musk, who lost $148 billion, as Tesla stocks fell 15%. Jeff Bezos faced a $29 billion cut, and Mark Zuckerberg's net worth decreased by $5 billion.
Other Industry Leaders' Losses
Google co-founder Sergey Brin also faced challenges, especially with the U.S. Justice Department issue and Alphabet's shares dropping by more than 7%. Bernard Arnault, representing the luxury sector via LVMH, lost $5 billion amidst proposed tariffs on European goods.
Was It Safe Not to Support Trump?
Did those who chose not to support Trump's policies make a mistake? Amid the market turbulence, some entrepreneurs have indeed incurred losses. However, strategies such as those used by Warren Buffet, who increased his wealth through Berkshire Hathaway stocks, or Mark Cuban, who also improved his fortunes, proved successful.
Economic instability and the foreign policy measures of Trump's administration have negatively impacted several major businessmen. However, different strategies have allowed some to preserve and even increase their fortunes.
