Summary
Since Trump’s second-term inauguration, five top billionaires have lost a combined $209 billion as markets react to policy uncertainty.
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Elon Musk’s net worth plunged $148 billion as Tesla shares collapsed amid declining European and Chinese sales.
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Jeff Bezos lost $29 billion as Amazon stock fell 14%.
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Sergey Brin’s fortune dropped $22 billion following Alphabet’s weak earnings and regulatory pressure.
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Mark Zuckerberg and Bernard Arnault each lost $5 billion as Meta and LVMH stocks tumbled.
The S&P 500 is down 6.4%, reversing gains seen post-election.
Daily Reminder:
THERE’S THREE AND A HALF YEARS TO GO. THEY’RE PLAYING THE LONG GAME.
THEY AREN’T UPSET. THEY’RE GETTING EVERYTHING THEY WANT.
Whisper it in my ear
^^they ^^lost ^^$209 ^^billion
Rookie numbers. Needs more.
That’s not enough
The Top 10 Richest Americans have a combined wealth total of $1,548 TRILLION.
$209 billion is only 0.13% of the of Top 10.
We need to get those numbers higher.
That doesn’t stack up, Musk is the richest, currently worth $324Bn - they can’t be worth more than $3.24Tn combined.
I think they replaced the period with a comma.
The %s are all out of whack too, it’s more like 13%, which, while not enough, is a lot more than 0.13%.
For sure, Google tells me there’s only 21.2T USD in circulation.
It’s a relatively small price to pay for the power they gained, and most of the losses are elons anyway
We need to keep pumping those numbers up
and the American retirees who depend on their savings lost trillions to these idiots. A majority of those retirees voted conservative, but I feel bad for the ones who didnt.
As you get closer to retirement, the usual strategy is to shift from a stock-heavy portfolio to something less volatile. The retirees getting burned are the ones who were too ignorant or greedy to do that.
How do you screw both the rich and poor at the same time?
Sheer incompetence. Whenever he says “I’m the only one who can…” I hear “I have no fucking clue how to even begin doing this”.
Good let’s make it another 200 billion EACH and even then that won’t be enough as they’ll all still have hundreds of billions of dollars which is absolutely insane
Unfortunately our own pensions and such are also getting wiped out by the same forces. And with less access to insider information.
They would become weak enough for us to start curbstomping
These are the same billionaires that donated millions to the inauguration. How’s that RoI on bribery going techbros?
Acting like they have the billions as liquid cash is weird.
IF, and its a big if, they would start selling their assets in order to liquidate their stocks, the assets would nosedive in value to fucking hell. Most of their wealth is smoke and mirrors. Most of them spend money by borrowing cash against their assets.
Tax them so they have to lend or sell some assets to pay their fair share.
Coverage like this makes me feel sad.
Do people honestly not realise that billionaires always enrich themselves during recessions?
This is all going to plan for oligarchs. People celebrating it are naive unfortunately.
and they have bailouts just in case they cant actually make money.
I would say most of it is meaningless other than Elon and specifically Tesla, Tesla stock prices plumetting will remove most of the power from Elon in the future, even Trump might turn on him once his main thing his net worth evaporates
Yes, the all-but-inevitable Trump decision to throw Musk under the bus is not something I’ve seen a lot of people discuss.
Musk is only a part of the problem, and Musk will have to lose another 110 billion before he even stops being the richest man in the world.
I’d love to see that happen but I’m not holding my breath. Meanwhile it does nothing but enrich powerful Disaster capitalists including Putin and his coterie.
Id be willing to bet that tesla is no bigger than 10% maximum of his worth. His big ones are space X that just chugs our tax money, and starlink, which I believe is being used as navigation in weapons systems being sold to nations. Tesla is effectively meaningless now.
I doubt that
Edit: Tesla’s market cap is now 722 billion, still making it more valuable than any company on this graph. We need to go much lower
Yeah that’s what a bubble looks like all right
This really puts into perspective how massively overvalued tesla is
But its a tech company
Said unironically by many people.
looks more like a cancerous tumor9tesla) crowding out healthy tissue.
That is absolutely wild… I cant believe how much of the industry they are! Well thats great then! I was worried the death of tesla would be unfelt by elon.
He’s hit the level of wealth where he’ll never be poor. But he can be removed from “buy governments” money until such time as he can be held accountable for his actions
I think you are wrong in the exact opposite direction, spaced just lost a 25 billion contract too
They deserve to lose so much more.
proof they’re not geniuses
only meaningful if their stocks don’t bounce back, but too soon to tell
Also only meaningful if they can’t buy up actual, tangible assets in the coming recessions, effectively converting their dead capital into more assets. (+ getting more state money for being “too big to fail”)
No, they’re gonna. It’s exactly what happened last recession. The pain got offshored to the workers, and the people with assets used the moment to leverage their assets to buy more assets on the cheap.
Yep, every time the US is in an economic low period, the top 1% snatch up swathes of assets for cheap. It’s how we went from 1 billionaire, to several, then several billionaires to hundreds in the last ~20 years
We just need to keep going until at worlds population billionaires
Do what they do, put some extra cash away and buy an index funds
These companies will absolutely use these things as excuses to replace workers with AI chatbots.
Very similar to what happened just before the “collapse” of the Soviet Union, which seems to be Trump’s aspiration. It had turned into a free-for-all.
Stocks will always bounce back. But the people that live off their 401ks now have to sell at a loss to survive.
