Since Donald Trump’s January 2025 inauguration, America’s wealthiest individuals have faced dramatic financial setbacks despite early post-election market optimism. Leading tech billionaires who attended the inauguration ceremony have seen their fortunes collectively, while broader market declines erased from U.S. billionaires’ net worth in the first eight weeks of Trump’s term.
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### Key Losses Among Top Inauguration Attendees
Five prominent executives who flanked Trump during his swearing-in lost a combined from January 20 to mid-March:
– : Lost (Bloomberg) or (Forbes), driven by Tesla’s . Sales of Tesla vehicles plummeted in Germany (-70%), China (-49%), and Australia.
– : Wealth fell as Amazon shares dropped amid tariff uncertainty and regulatory pressures.
– : Lost due to Alphabet’s and antitrust lawsuits from the Justice Department.
– : Meta initially gained but later reversed course, erasing from his net worth.
– : LVMH’s brief post-election rally faded, costing the French magnate amid fears of luxury-goods tariffs.
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### Broader Market Impact
The S&P 500 fell and the Nasdaq tumbled in Trump’s first eight weeks, erasing from the “Magnificent 7” tech giants (Tesla, Amazon, Alphabet, Meta, Apple, Microsoft, Nvidia). Key factors include:
– : 10–20% proposed tariffs on European goods and a sparked fears of a global trade war.
– : The Atlanta Fed projected a for Q1 2025, dubbed the “Trumpcession”.
– : Shifting trade decisions and protests against Tesla dealerships accelerated sell-offs.
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### Contrast With Biden’s Early Presidency
During the same post-inauguration period under Joe Biden:
– The S&P 500 rose .
– U.S. billionaires gained in wealth.
Trump’s Commerce Secretary Howard Lutnick dismissed recession concerns, but economists like Moody’s Mark Zandi warned of growing risks, with JPMorgan raising recession odds to . This reversal highlights how Trump’s polarizing policies have disrupted the pro-business optimism that initially boosted markets after his election.
