- cross-posted to:
- [email protected]
- cross-posted to:
- [email protected]
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.
I understand that and I sympathize, but sadly all of our “investments” are the reason these billionaires exist. Nobody has ever become a billionaire by making and selling products, it’s always come down to going public and selling people on the illusion of infinite exponential growth. Even the investments that are considered conventionally “safe” (like index funds) are just another way to funnel money towards the biggest companies and the richest people.
I wish I had the answer, because obviously we all want to save for retirement, but the entire system feels like it’s broken in a way that is designed to enrich people like Musk and Bezos.