Tech Billionaires' Fortunes Dip After Initial 100 Days of Trump's Presidency: Musk and Bezos Among Impacted
Life's a bitch for tech tycoons, huh? These billionaires can't catch a break, not even at Trump's swanky inauguration bash. Here's the lowdown on how the tech elite went from raking in the dough to eating humble pie since the big event.
Donald Trump, America's President for all the noise, welcomed some of the world's top tech billionaires to his inauguration in January, promising them a slice of the action for his second term. But Trump's all bark and no bite, as it seems these tech bigwigs are now feeling the heat.
Fast-forward to nearly 100 days post-inauguration, and these tech heavyweights are feeling the pinch, with their net worths and company stocks plummeting like a lead balloon.
Now, let's get into the nitty-gritty and see whose pockets are feeling the burn the most:
Elon Musk - The Tesla Titan
Buckle up, baby! Musk, arguably Trump's closest tech advisor, has taken the hardest hit. With a net worth of $449 billion on Inauguration Day, he's now down to $335 billion as of April 28. That's a whopping $114 billion lost! And his electric car manufacturer, Tesla, has faced a stock price decline of nearly 25% this year. Ouch!
Musk's collaboration with the Doge office of the White House may have triggered waves of silly protests against Tesla, but he claims his work there has been all about eliminating government waste and fraud. In May, he announced that he'll be dialing back his involvement with the White House to one to two days per week.
Jeff Bezos - The Amazon Aristocrat
Jeff's wallet's been getting a lot thinner since February, with the bulk of his wealth hugely dependent on Amazon stock. His net worth has tumbled from $245 billion to $209 billion, amounting to a $36 billion loss. Analysts say that Amazon's vulnerable to Trump's trade conflict, especially with the hefty 145% tariff on imports from China, considering the plethora of products on the website that come from the country—either directly or through third-party sellers.
Some Amazon sellers have hiked up prices on household appliances, snacks, and electronics due to the trade conflict, but the company claims that only a small portion of items sold on the site are affected. Come on, Bezos, you can take the hit like a boss!
Mark Zuckerberg - The Meta Maverick
With a sour relationship with Trump since before the election, Zuckerberg's wealth has suffered a $22 billion loss since January. Facebook temporarily suspended Trump's account in the aftermath of the January 6th Capitol insurrection, for which the Meta CEO has faced criticism from the former President.
Meta, Zuckerberg's cash cow, is also grappling with an antitrust lawsuit from the government, which has nothing to do with Trump but shows no sign of disappearing. Zuckerberg's recent stint in the hot seat, testifying for an astounding ten hours under grilling by the US Federal Trade Commission, surely didn't help ease the pressure.
Jensen Huang - The Nvidia Ninja
Huang, who skipped Trump's inauguration but still donated a cool million to the inaugural fund, has also taken a $21.6 billion blow. Nvidia, his main source of income, has suffered a stock drop of over 21% this year, thanks in part to Trump's tariffs as the company sources most of its chips from abroad.
Nvidia recently predicted a massive $5.5 billion decrease in profit for the first quarter, thanks to Trump's restrictions on chip exports to China imposed by the Trump administration. Dang, Huang! You may be the ninja of the tech world, but you can't dodge this one!
And finally, other leading tech companies that also attended Trump's inauguration have seen their stocks take a dive, including Apple and Google. We couldn't find exact net worth changes for their CEOs, but their stocks have dropped by nearly 14% for Apple and 15% for Google's parent company, Alphabet, compared to last year.
Well, there you have it, folks! Life's tough at the top, especially for tech billionaires. So, let's keep that in mind next time we complain about our bills—it could always be worse!
- What's striking is how Elon Musk, a close tech advisor to former President Trump, has seen a severe decline in his net worth, dropping from $449 billion at the inauguration to $335 billion as of April 28, a whopping $114 billion loss.
- Jeff Bezos, relying heavily on Amazon stock, has experienced a similar trend, with his net worth plummeting from $245 billion to $209 billion, amounting to a $36 billion loss.
- Mark Zuckerberg, who had a strained relationship with Trump, has encountered a $22 billion loss since January, with Facebook temporarily suspending Trump's account after the January 6th Capitol insurrection.
- Jensen Huang, who skipped the inauguration but donated to the fund, has taken a $21.6 billion hit, with Nvidia's stocks dropping over 21% this year, partly due to Trump's tariffs.
- Other tech giants like Apple and Google, who attended the inauguration, have witnessed a nearly 14% and 15% decline in their stocks compared to last year, but specific net worth changes for their CEOs are unavailable.
