Summary
Since Trump’s second-term inauguration, five top billionaires have lost a combined $209 billion as markets react to policy uncertainty.
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Elon Musk’s net worth plunged $148 billion as Tesla shares collapsed amid declining European and Chinese sales.
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Jeff Bezos lost $29 billion as Amazon stock fell 14%.
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Sergey Brin’s fortune dropped $22 billion following Alphabet’s weak earnings and regulatory pressure.
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Mark Zuckerberg and Bernard Arnault each lost $5 billion as Meta and LVMH stocks tumbled.
The S&P 500 is down 6.4%, reversing gains seen post-election.
Ridiculous how some people pander, especially the press, to the billionaire set.
When they have a downturn in net worth people say they “lost” money, or are “poorer” even though they’re still worth billions.
But when they’re making money hand over fist, millions of dollars daily, people act like that money doesn’t exist. “Oh, it’s tied up in investments, you can’t tax it…It’s not income! It’s not in their bank account.”
Always the poor billionaires; perpetually simultaneously unable to touch their money, complaining when they lose money they ”don’t have,” and living like billionaires with all the conspicuous consumption that goes with it.
So what? It’s not like their bank accounts got affected. Their shares are valued less which means they did not loose money but the lost money they could have had.
They basically use that “money” as collateral for low interest loans. So it impacts how much they can physically buy. It’s a good thing.
They lost pretend money that could be used for business loans that they don’t need because they have so much pretend money. The only time it matteds for these parasites is if it happens when they are acquiring another company worth billions of pretend monies.
Even a stock market collapse is a benefit to these chucklefucks.
Matters at least a bit. For instance, Musk has signalled his interest in buying OpenAI. He will find it far harder to get the money for it now that Tesla shares have nosedived.
More generally with Tesla it is difficult to make a business case for the existence of the company right now, since Musk alienated his entire potential consumer base. I wouldn’t be surprised if the company gets sold into parts in the text two years or so.
The only time it matters for them is when an Italian plumber shows up to collect their debt.
Everything‘s on discount for them now! Time to buy up some cheap stock and failing businesses.
They win no matter what.
Always stood by for, with (fake) money you can make more (fake) money.
The issue is mostly getting towards that money first for us normies who aren’t born into RNG.
Some of them (ahum you know which one) did lose actual value: the entire credibility of their biggest brands are down the drain for years to come… In that way the stockprices do really show that they are losing out. Some others really are losing (sort of) equal access to big important markets… The loss is real, even tho I agree with the sentiment of your post, the lowering stocks predict lowering income, lowering dividends which these people expect to rake in eternally to keep their billionaire lifestyle afloat, etc. They are slowly becoming less wealthy from the shennanigans. Not quick enough tho. A billionaire is a thing that just shouldn’t be allowed to exist ever anywhere.
Toadying capitulators all
Hehehe
A good start. It takes much more to fix this problem, though.
Them losing billions is meaningless. Don’t for this: if you had 1 billion dollars, and you lost 99% of it, you still have 10 million dollars, which is more than what most people will ever have.
Their entire industries need to be nationalized and ALL their assets seized.
How do you screw both the rich and poor at the same time?
The rich didnt lost any money, their stock is just lower than in january, but still higher than last year. And it can still get up.
The poor have to cope with higher prices of basic goods, which never comes down.
Only poors are screwed until they eat the leech
Sheer incompetence. Whenever I hear him say “I’m the only one who can…” I hear “I have not fucking clue how to even start doing this”.
Coverage like this makes me feel sad.
Do people honestly not realise that billionaires always enrich themselves during recessions?
This is all going to plan for oligarchs. People celebrating it are naive unfortunately.
I would say most of it is meaningless other than Elon and specifically Tesla, Tesla stock prices plumetting will remove most of the power from Elon in the future, even Trump might turn on him once his main thing his net worth evaporates
Musk is only a part of the problem, and Musk will have to lose another 110 billion before he even stops being the richest man in the world.
I’d love to see that happen but I’m not holding my breath. Meanwhile it does nothing but enrich powerful Disaster capitalists including Putin and his coterie.
Id be willing to bet that tesla is no bigger than 10% maximum of his worth. His big ones are space X that just chugs our tax money, and starlink, which I believe is being used as navigation in weapons systems being sold to nations. Tesla is effectively meaningless now.
I think you are wrong in the exact opposite direction, spaced just lost a 25 billion contract too
I doubt that
Edit: Tesla’s market cap is now 722 billion, still making it more valuable than any company on this graph. We need to go much lower
Yeah that’s what a bubble looks like all right
looks more like a cancerous tumor9tesla) crowding out healthy tissue.
This really puts into perspective how massively overvalued tesla is
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That is absolutely wild… I cant believe how much of the industry they are! Well thats great then! I was worried the death of tesla would be unfelt by elon.
He’s hit the level of wealth where he’ll never be poor. But he can be removed from “buy governments” money until such time as he can be held accountable for his actions
Yes, the all-but-inevitable Trump decision to throw Musk under the bus is not something I’ve seen a lot of people discuss.
and they have bailouts just in case they cant actually make money.
I’m sure they still have plenty of liquid assets to scoop up discounted stocks. Tax cuts will save conglomerates money, which they’ll use for stock buybacks to inflate the worth of their stocks, which had already been picked up by the billionaires. This will reinflate their net worth.
Plus, and I don’t know how or when this would be involved in the calculation of their net worth, but they’re probably shorting stocks with insider info passed around Mar-a-Lago. Just a guess.
They’ll be fine. The rest of us will continue to be screwed even harder. Fuck them billionaires.
Looks like some dumbfucks made a bad investment in a rapist.
Not really. Comparative wealth of the entire USA is declining, the Billionaires are still on top. If Elon Musk loses 99% of his wealth he would still be a billionaire.
What this really means is that people around the world outside of the USA no longer view it as a stable investment.
Tbf, not all of them invested in his campaign though.
As Kendrick Lamar would say “it’s not enough”
Billionaires remembering why they were supporting the covert right winger Democrats instead of the Republicans. Because a veneer of illusion is needed to keep their empire running.
So about what’s that, 5 minutes with of profits between them?
Keep it coming people! Stay the course!
Good. Since they drive their wealth from using the value of their stocks as leverage to get loans, having these stocks collapse will not only make their loans smaller (not sure by how much), but they will have to pay using more of their dividends than what they expected
In short, they will get less money and it will cost them more to pay it back.
Couldn’t have happened to a better group of guillotine dodgers.
