While the global markets experienced a recession earthquake, losses in technology companies stood out. The loss of billionaires supporting Trump’s presidency exceeded $300 billion. The name that saw the biggest erosion in wealth was Trump’s close working associate, Elon Musk.

Global markets were shaken with fears of economic slowdown in the United States. The US stock market witnessed one of the sharpest sales in the past two years. The technology index Nasdaq recorded its biggest daily drop since September 2022, with a 4% decline. Losses in Elon Musk’s electric vehicle company Tesla and the carrier of the artificial intelligence craze, Nvidia, were notable. On the other hand, the erosion in the wealth of billionaires who supported Trump’s presidency and stood side by side during the swearing-in ceremony also caught attention.

TESLA HALVES IN VALUE
Tesla, Musk’s company, which was the biggest supporter of Trump’s journey to power, had reached a record high of $480 on December 18th. The company’s shares lost over 50% from peak levels over the past 3 months. Tesla’s shares fell yesterday by 15.4% to $222. The market value also dropped from $1.5 trillion to $850 billion. Tesla’s shares, which rapidly rising after Trump’s election victory, lost momentum due to the actions of CEO Elon Musk, who is responsible for the Department of Government Efficiency (DOGE), and his support for far-right political parties in Europe. A significant decline was observed in Tesla’s sales, especially in Europe.

MUSK’S WEALTH DECREASING
Moreover, with the impact of losses at Tesla, Musk’s wealth eroded. According to the Bloomberg Billionaires Index, Musk’s wealth peaked at $486 billion on December 18, 2024. The latest data revealed that Musk’s net worth decreased by 38% to $301 billion.

BILLIONAIRES AT A LOSS
On the other hand, billionaires standing together at Trump’s inauguration witnessed significant declines in their assets. Amazon’s founder Jeff Bezos saw his wealth drop from $260 billion to $220 billion. Meta’s CEO Mark Zuckerberg’s loss neared $38 billion. Zuckerberg, who had a fortune of $259 billion in February, currently has a wealth of $221 billion. Oracle CEO Larry Ellison also experienced significant losses during this period. Ellison’s wealth hit $211 billion in January, but with recent declines, it dropped to $169 billion.