Amid the global recession earthquake, losses in technology companies stood out. Billionaire supporters of Trump suffered losses exceeding $300 billion. The person whose wealth eroded the most was Elon Musk, a close working companion of Trump. The possibility of economic slowdown in the United States shook the global markets. The U.S. stock market witnessed one of the sharpest sales in the past two years. The Nasdaq technology index recorded its largest daily drop since September 2022, with a 4% decline. Losses in Elon Musk’s electric car company Tesla and the carrier of the artificial intelligence craze, Nvidia, were prominent. On the other hand, the erosion of wealth in the fortunes of billionaires who supported Trump during his presidency and stood side by side during the inauguration ceremony also caught attention.
TESLA HALVES IN VALUE
The biggest supporter of Musk on Trump’s journey to power, Musk’s company Tesla rose to a record high of $480 by December 18th. The company’s shares lost over 50% from the peak level in the three-month period that followed. Tesla’s shares fell to $222 yesterday, with a 15.4% drop, reducing its market value from $1.5 trillion to $850 billion.
After Trump’s election victory, the rapidly rising Tesla shares lost momentum due to the actions of Chief Executive Elon Musk, responsible for the Department of Government Efficiency (DOGE), and his support for far-right political parties in Europe. Significant declines occurred in Tesla’s sales in Europe, especially.
MUSK’S WEALTH DIMINISHING
Meanwhile, Musk’s wealth eroded due to losses in Tesla. According to the Bloomberg Billionaires Index, Musk’s wealth hit a record high of $486 billion on December 18, 2024. The latest data reveals that Musk’s net worth dropped by 38% to $301 billion.
BILLIONAIRES LOSING
On the other hand, there were significant drops in the fortunes of billionaires who stood side by side at Trump’s inauguration. Amazon founder Jeff Bezos’ wealth dropped from $260 billion to $220 billion. Meta CEO Mark Zuckerberg’s loss approached $38 billion. With a fortune of $259 billion in February, Zuckerberg’s current wealth is $221 billion. Oracle CEO Larry Ellison also suffered significant losses during this period. Ellison’s wealth reached $211 billion in January, but with the recent declines, it fell to $169 billion.