ISLAMABAD: The billionaire class that celebrated Donald Trump’s return to the White House is now reckoning with a costly miscalculation. Just seven weeks into his second term, the market rally that followed Trump’s reelection has crumbled, wiping out $209 billion (or PKR58.51 trillion) from the fortunes of the world’s wealthiest investors.
Tech magnates Elon Musk, Jeff Bezos, and Mark Zuckerberg have been among the hardest hit, as economic uncertainty, political turbulence, and renewed regulatory fears roil Wall Street. According to the Bloomberg Billionaires Index, the optimism that sent stocks soaring on expectations of pro-business policies has given way to a market correction that has shaved trillions off major tech and consumer stocks.
For weeks after the election, investors reveled in the promise of lower taxes and deregulation. The S&P 500 surged to record highs, Tesla’s market value doubled, and Bernard Arnault’s LVMH climbed 7 per cent amid expectations of a luxury boom. Zuckerberg’s Meta Platforms Inc. even saw a 9 per cent pre-inauguration rally, with an additional 20 per cent surge in Trump’s first four weeks.
Musk briefly became the richest person in history with a $486 billion fortune. But markets, like politics, are fickle. Since then, the S&P 500 has slid 6.4 per cent, with tech leading the decline. Inflation concerns, conflicting trade signals, and shake-ups in government policy have eroded investor confidence.
The so-called “Magnificent Seven”—Alphabet, Amazon, Apple, Microsoft, Meta Platforms, Nvidia, and Tesla—have seen their combined market capitalization shrink by $2.7 trillion within Trump’s first 50 days.
Biggest losers among billionaires
• Elon Musk (-$148B): Musk’s net worth peaked at $486 billion on Dec. 17, the largest ever recorded on Bloomberg’s wealth index. Tesla stock, which nearly doubled post-election, has since erased all gains. Sales in Germany have plummeted over 70 per cent, while Chinese deliveries hit their lowest since July 2022, falling 49 per cent last month.
• Jeff Bezos (-$29B): Amazon shares have slumped 14 per cent since mid-January, despite Bezos’ efforts to smooth relations with Trump, including a $1 million donation to his inauguration fund.
• Sergey Brin (-$22B): The Google co-founder, who holds a 6 per cent stake in Alphabet, initially opposed Trump’s policies but later sought dialogue. Alphabet shares fell 7 per cent in February after missing revenue estimates, and the company is under pressure from the Justice Department to break up its search unit.
• Mark Zuckerberg (-$5B): Meta led the Magnificent Seven in early 2025, posting a 19 per cent gain between mid-January and mid-February. However, those gains have since evaporated, with Meta’s value now down 20 per cent from its mid-December peak.
• Bernard Arnault (-$5B): The French luxury tycoon’s LVMH initially soared 20 per cent post-election but has since pared gains amid fears of US tariffs on European luxury goods and weakening demand.
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