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.
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
Yes, the all-but-inevitable Trump decision to throw Musk under the bus is not something I’ve seen a lot of people discuss.
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 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
This really puts into perspective how massively overvalued tesla is
Yeah that’s what a bubble looks like all right
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
I think you are wrong in the exact opposite direction, spaced just lost a 25 billion contract too
and they have bailouts just in case they cant actually make money.
Acting like they have the billions as liquid cash is weird.
IF, and its a big if, they would start selling their assets in order to liquidate their stocks, the assets would nosedive in value to fucking hell. Most of their wealth is smoke and mirrors. Most of them spend money by borrowing cash against their assets.
Tax them so they have to lend or sell some assets to pay their fair share.
only meaningful if their stocks don’t bounce back, but too soon to tell
Also only meaningful if they can’t buy up actual, tangible assets in the coming recessions, effectively converting their dead capital into more assets. (+ getting more state money for being “too big to fail”)
No, they’re gonna. It’s exactly what happened last recession. The pain got offshored to the workers, and the people with assets used the moment to leverage their assets to buy more assets on the cheap.
Yep, every time the US is in an economic low period, the top 1% snatch up swathes of assets for cheap. It’s how we went from 1 billionaire, to several, then several billionaires to hundreds in the last ~20 years
We just need to keep going until at worlds population billionaires
Do what they do, put some extra cash away and buy an index funds
These companies will absolutely use these things as excuses to replace workers with AI chatbots.
Very similar to what happened just before the “collapse” of the Soviet Union, which seems to be Trump’s aspiration. It had turned into a free-for-all.
Stocks will always bounce back. But the people that live off their 401ks now have to sell at a loss to survive.
Those are rookie numbers! We’ve got to pump that number!
Yes, the more they lose the more we win.
PERSONAL AUSTERITY!!! SAVE YOUR MONEY AND LET THE RICH GO FUCK THEMSELVES!!!
You don’t win by them just losing some money. Redistribution is the name of the game. Even if Tesla hits 0/share, you aren’t getting any more wealth just by virtue of that happening.
…Aside from basking in the downfall of a nazi of course, but those are priceless things.
The win is the diminishment of his economical power. Same goes for Amazon and Meta. Transitioning off of any dependence of those websites and services will empower us and remove these shitheads’ influence.
We have to Trump those numbers.
Gotta start somewhere! Keep it going!
Numbers must go down! The Board requires it.
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.
They deserve to lose so much more.
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 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.
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.
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.
sam ALTMAN doesnt seem interested in selling it to him, musk wants to lead in AI research for some reason, since he has nothing show for it. Thiel is the other competitor with"PALINTIR and anduril"
they still have billions stashed somewhere and could buy up things on the cheap/.
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.
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.
So that’s what, about 5 minutes with of profits between them?
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.
Comparing my net worth to that total net worth? I’d be upset, but not terribly so, if I lost $1000 too.
But since I would be getting it back later, and then some, it’s more like a small investment only . Definitely worth the small risk,
It remains to be seen if their kissing the ring was strategic or just tactical (apart from Musk, who is committed), but what they’ve bought wasn’t a good economy. They bought into the transition from democracy and capitalism to authoritarian oligarchy.
Dollars don’t describe the value of Russia-level corruption, which is where the country is now pointed. And the longer-term gains from captured institutions would far outpace a hundred billion dollars or two, if they succeed.
Small but important point. We’ve been an oligarchy for a while now. We’re just losing the pretense of it being a democracy.
Technically we’ve been an oligarchy since day 1. It just didn’t have oligarchy vibes.
But to them this is winning, right? Anything to “own the libs” that they so hate. There’s no such thing as failing, there’s only failing forwards.
I know were in for a world of pain with the stocks tanking. But honestly don’t mind that they lose even more. Lose everything. Burn with us.
They won’t. You’ll see. They will come out of this richer and more powerful than when they went in.
Well maybe they’ll get eaten by the poor. Im okay with that alternative plan.
