Pity the boys of the billionaire's club who flocked to the Malignant Fascist (our emphasis):
As Donald Trump took the oath of office on Jan 20, he was flanked by some of the world’s wealthiest people. The billionaires present that day – including Elon Musk, Jeff Bezos and Mark Zuckerberg – had never been richer, flush with big gains from frothy stock markets.
Seven weeks later, it’s a different story. The start of Trump’s second term has delivered a stunning reversal for many of those billionaires sitting behind Trump in the Capitol Rotunda, with five having lost a combined US $209 billion in wealth, according to the Bloomberg Billionaires Index. [snip]
But any expectations that the start of Trump’s new term would continue to fuel market returns have been upended. The S&P 500 has lost 6.4 per cent since he took office, as mass layoffs of government employees and the president’s back-and-forth on tariffs have roiled equities, with the benchmark index tumbling 2.7 per cent on Monday (Mar 10).
The companies behind the inauguration attendees’ fortunes have been some of the biggest losers, dropping a combined US $1.39 trillion in market value since Jan 17, the last trading day before the inauguration.
Here’s a look at some of those fortunes:
Elon Musk (down US $148 billion) ...
Jeff Bezos (down US $29 billion) ...
Mark Zuckerberg (down US $5 billion) ...
Bernard Arnault (down US $5 billion).
Sad! But, when you elect a moron, you can expect these results. Of course, we won't be entirely happy until these parasitic chuds (let's also include the likes of Trumpers Peter Thiel, Sundar Pichai, and Larry Ellison, too) are walking around wearing a barrel asking for spare change, but things are heading in the right direction on the FAFO scale.
BONUS: Paul Krugman writes about the emerging "Economic Excuse Industry."
(Photo: l. to r., Lady Zuck, Zuck, Lady Bezos, Bezos, Pinchai, "Chainsaw" Musk / Al Jazeera)
(h/t Silver Spring Bureau Chief)
