13.03.2025 11:40
The economic policies of U.S. President Donald Trump, which have increased trade tensions and uncertainties, have cost the world's richest individuals a quarter of a trillion dollars since the beginning of the year. The most affected businessman is Elon Musk, followed by Amazon founder Jeff Bezos, who lost 20 billion dollars.
Among the world's richest people, 8 American billionaires have lost over $250 billion in personal wealth since Trump took office as president.
THE MOST AFFECTED WAS ELON MUSK
The billionaire who has suffered the most recently is Elon Musk, a businessman who actively worked for Trump's election. Musk, who openly supported Trump during the election campaign and contributed $277 million to his campaign, became the president's senior advisor on the newly established Department of Government Efficiency (DOGE).
With his shares in companies like Tesla, SpaceX, The Boring Company, and the X platform, Musk's personal fortune reached a record high of $486 billion in December 2024, but he began to incur losses due to the policies implemented after Trump took office. It is estimated that Musk's net worth has decreased by over $130 billion since mid-January.
Musk's losses alone reached $29 billion on March 10. Thus, Musk has lost approximately 30% of his net worth since the beginning of this year. The decline in Musk's wealth is attributed to falling Tesla stock prices, investor concerns, and decreasing sales in key markets.
Last December, Tesla's market value reached $1.4 trillion, matching the total value of all other major companies in the global automotive sector. Elon Musk faced significant criticism for making a hand gesture during Trump's inauguration that resembled a Nazi salute and for openly supporting far-right political parties in Europe. European consumers, in particular, responded to Musk's involvement in politics by reacting against brands like Tesla. Tesla sales rapidly declined in European countries and China. As a result, by March 12, Tesla's market value had fallen to $770 billion, nearly halving in the last three months.
LOSSES OF AMAZON, GOOGLE, AND NVIDIA FOUNDERS DEEPENED
Jeff Bezos, the founder of Amazon, who attended President Trump's inauguration on January 20, has also suffered a loss of $20 billion due to recent policies. Bezos's loss stemmed from an 11% drop in Amazon's stock. Larry Ellison, the founder of the American technology company Oracle, lost approximately $20 billion due to a 10% decline in Oracle's stock. Michael Dell, the founder of Dell, saw his company's value decrease by 20%, resulting in a $20 billion reduction in his personal wealth. Jensen Huang, the CEO of Nvidia, faced a loss of $20 billion as his company's stock fell by 20%.
After a 12% drop in the shares of Alphabet, Google's parent company, co-founders Larry Page and Sergey Brin lost $18 billion and $17 billion, respectively. Following a 10% drop in Microsoft shares, Steve Ballmer, the world's ninth richest person, suffered a loss of approximately $13 billion.
TRUMP'S PROTECTIONIST TRADE POLICIES
President Trump's tariff policies and the retaliatory measures taken in response continue to escalate tensions in global trade. Due to the uncertainties created by these policies and concerns about a potential recession, the loss in U.S. stock markets reached $2 trillion on March 10. In addition to the tariffs announced by the U.S. on Canada, Mexico, and China, a 25% tariff on steel and aluminum imports came into effect on March 12.
Ursula von der Leyen, President of the European Commission, stated that the U.S. has imposed tariffs worth $28 billion due to the taxes on steel and aluminum imports, saying, "We are taking countermeasures worth €26 billion. This corresponds to the economic scope of the U.S. tariffs."
In an interview on Sunday, when asked whether a recession is expected this year due to the tariffs, Trump stated that he "hates" making predictions on such matters, saying, "There is currently a transition period because what we are doing is very big. We are bringing wealth back to America. This is a very important thing. There are always periods that take a little time."