Tech Billionaires Bet on Trump in January. By March, They Had Lost $209 Billion

On Jan. 20, 2025, the CEOs and founders of the top U.S. technology companies backed new President Donald Trump beyond their earlier support, each contributing $1 million to his visit to Mar-a-Lago.

Since that day, the fortunes of Tesla CEO Elon Musk, Amazon founder Jeff Bezos, and Meta CEO Mark Zuckerberg have soared to record highs, driven by surging stock prices. But just a month and a half later, the landscape has shifted dramatically. Their wealth has been in freefall, with the S&P 500 dropping 6.4% and the tech-heavy Nasdaq plunging 4%.

A staggering $209 billion disappeared. Trump’s unpredictable tariff policies have fueled market uncertainty, heightening fears of a self-inflicted economic recession as he repeatedly threatens neighboring countries and key trade partners. The stock market turmoil is taking a heavy toll on the billionaire backers who championed Trump’s presidency.

According to Bloomberg estimates based on stock prices of the companies they founded and lead, the combined losses of the millionaires who supported Trump at his inauguration exceeded $209 billion.

Musk loses $148 billion. After the election, Tesla’s stock surged 98%, boosting Musk’s fortune to more than $420 billion. But as stock indexes reacted to recession fears, shares dropped another 15% in yesterday’s trading, erasing $127 billion in market value.

Musk has been one of the biggest victims of the selloff, and Tesla’s stock continues to slide. The situation has worsened with declining international car sales and protests over his role as head of the Department of Government Efficiency.

Bezos loses $29 billion. During Trump’s first term, Bezos clashed with the president over the editorial stance of The Washington Post and Amazon’s use of the U.S. Postal Service. This time, he has aligned The Post’s editorial line with Trump’s positions and is working to resolve their disputes over the postal system.

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According to Bloomberg, Amazon shares have fallen 14% since January 2025, cutting an estimated $29 billion from Bezos’ fortune.

Brin also pays the price. Google co-founder Sergey Brin, who openly opposed Trump’s first-term policies, had no issue dining with the new president-elect at Mar-a-Lago after the election and donating $1 million to his inauguration.

Since January 2025, Alphabet’s stock has declined 7%, largely due to missed quarterly revenue estimates and Department of Justice pressure to break up the company. As a 6% stakeholder, Brin has lost an estimated $22 billion in just over seven weeks.

Zuckerberg weathers the storm. Zuckerberg has proven to be a savvy strategist, avoiding the worst of the stock market fallout. The billionaire adjusted Meta’s moderation and diversity policies to align with Trump’s views, securing his goodwill while keeping enough distance to avoid direct repercussions.

Meta’s stock rose 19% from mid-January, but the recent market downturn hit the “Magnificent Seven” tech stocks hard, pulling Meta down 20% from its December high. The drop wiped out $5 billion from Zuckerberg’s estimated wealth—though he appears unfazed.

Arnault continues to lose ground. For much of 2024, LVMH CEO Bernard Arnault was the world’s richest person and remains a personal friend of Trump. But weak luxury sales knocked his fortune down several spots. That didn’t stop him from attending Trump’s inauguration with his family.

LVMH shares climbed 20% after January, but since February, LVMH’s stock has steadily given up those gains. One factor is Trump’s announcement of 10% to 20% tariffs on European luxury goods. As a result, the French magnate’s fortune has shrunk by about $5 billion.

Images | Gage Skidmore | Anthony Quintano | National Museum of American History Smithsonian Institution

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