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Billionaire Elon Musk began to celebrate at the beginning of the year. His bet on Republican Donald Trump paid off, and with his support, the candidate emerged victorious in the election. Trump appointed him to a non-governmental position to streamline public institutions, and many bet that this closeness will benefit his businesses, such as the production of electric cars by Tesla (TSLA; Nasdaq ), SpaceX, and the startups Grok and xAI. There are expectations that this is mainly due to Trump's support for deregulation of the market, which may help the development of Tesla's autopilot system. But it seems that the situation is not as expected at the moment.
According to the Bloomberg Billionaires Index, Musk lost the most assets this year, reaching $89.4 billion, reducing his assets to $343 billion, and he is still the richest person in the world. The second biggest loser after him is former Google CEO Larry Page, but Page's losses are much smaller, at $15.4 billion. Sergey Brin, former CEO of Google's parent company Alphabet, ranks third: losing $14.3 billion.
But why is this happening? Basically because Tesla's stock rose an astonishing 60% last year and is now giving back those gains. Since the beginning of this year, the stock price has fallen more than 26%. This is not unique to Tesla but is related to a large part of the so-called 'Trump trades,' which bet that the new president would bring more economic growth to the United States. For example, the Dow Jones Industrial Average set record highs time and time again after the election, but by 2025 it had only risen 2.67%.