Billionaires at Trump’s Swearing-In Have Since Lost $209 Billion
As Donald Trump took the oath of office on Jan. 20, he was flanked by some of the world’s wealthiest people. The billionaires present that day — including Elon Musk, Jeff Bezos and Mark Zuckerberg — had never been richer, flush with big gains from frothy stock markets.
Seven weeks later, it’s a different story. The start of Trump’s second term has delivered a stunning reversal for many of those billionaires sitting behind Trump in the Capitol Rotunda, with five having lost a combined $209 billion in wealth, according to the Bloomberg Billionaires Index.
The period between Trump’s election and his inauguration was a boon for the world’s wealthiest, with the S&P 500 Index hitting several all-time highs. Investors piled into equity and crypto markets, expecting that Trump’s policies would be advantageous to business.
Musk’s Tesla Inc. gained 98% in the weeks after the election, hitting a record high. Arnault’s LVMH added 7% in the week before Inauguration Day, making the French magnate $12 billion richer. Even Zuckerberg’s Meta Platforms Inc., which banned Trump from the social-media platform in 2021, gained 9% before the beginning of the new term and an additional 20% in his first four weeks in office.
But any expectations that the start of Trump’s new term would continue to fuel market returns have been upended. The S&P 500 has lost 6.4% since he took office, as mass layoffs of government employees and the president’s back-and-forth on tariffs have roiled equities, with the benchmark index tumbling 2.7% on Monday.
The companies behind the inauguration attendees’ fortunes have been some of the biggest losers, dropping a combined $1.39 trillion in market value since Jan. 17, the last trading day before the inauguration. Here’s a look at some of those fortunes:
Elon Musk (down $148 billion)
Jeff Bezos (down $29 billion)
Sergey Brin (down $22 billion)
Mark Zuckerberg (down $5 billion)
Bernard Arnault (down $5 billion)
https://www.bloomberg.com/news/articles/...00-billion
As Donald Trump took the oath of office on Jan. 20, he was flanked by some of the world’s wealthiest people. The billionaires present that day — including Elon Musk, Jeff Bezos and Mark Zuckerberg — had never been richer, flush with big gains from frothy stock markets.
Seven weeks later, it’s a different story. The start of Trump’s second term has delivered a stunning reversal for many of those billionaires sitting behind Trump in the Capitol Rotunda, with five having lost a combined $209 billion in wealth, according to the Bloomberg Billionaires Index.
The period between Trump’s election and his inauguration was a boon for the world’s wealthiest, with the S&P 500 Index hitting several all-time highs. Investors piled into equity and crypto markets, expecting that Trump’s policies would be advantageous to business.
Musk’s Tesla Inc. gained 98% in the weeks after the election, hitting a record high. Arnault’s LVMH added 7% in the week before Inauguration Day, making the French magnate $12 billion richer. Even Zuckerberg’s Meta Platforms Inc., which banned Trump from the social-media platform in 2021, gained 9% before the beginning of the new term and an additional 20% in his first four weeks in office.
But any expectations that the start of Trump’s new term would continue to fuel market returns have been upended. The S&P 500 has lost 6.4% since he took office, as mass layoffs of government employees and the president’s back-and-forth on tariffs have roiled equities, with the benchmark index tumbling 2.7% on Monday.
The companies behind the inauguration attendees’ fortunes have been some of the biggest losers, dropping a combined $1.39 trillion in market value since Jan. 17, the last trading day before the inauguration. Here’s a look at some of those fortunes:
Elon Musk (down $148 billion)
Jeff Bezos (down $29 billion)
Sergey Brin (down $22 billion)
Mark Zuckerberg (down $5 billion)
Bernard Arnault (down $5 billion)
https://www.bloomberg.com/news/articles/...00-billion
teachings of the Bible are so muddled and self-contradictory that it was possible for Christians to happily burn heretics alive for five long centuries. It was even possible for the most venerated patriarchs of the Church, like St. Augustine and St. Thomas Aquinas, to conclude that heretics should be tortured (Augustine) or killed outright (Aquinas). Martin Luther and John Calvin advocated the wholesale murder of heretics, apostates, Jews, and witches. - Sam Harris, "Letter To A Christian Nation"
