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Billionaire Elon Musk started the year popping champagne. His bet on Republican Donald Trump paid off, and after his support, the candidate emerged victorious in the elections. When Trump appointed him to an extragovernmental position to reduce the public bureaucracy, many people bet that the proximity would bear fruit for his businesses, such as the electric car manufacturer Tesla (TSLA; Nasdaq), the aerospace company SpaceX, and the startups Grok and xAI. There was this expectation mainly because Trump is in favor of market deregulation, which can help in the development of Tesla's autonomous driving system. But it doesn't seem to be happening so far.

According to Bloomberg's list of billionaire wealth, Musk leads the ranking of billionaires who have lost the most money this year. So far, it has been $89.4 billion, leaving him with a fortune of $343 billion and keeping him as the richest man in the world. His losses were followed by those of executive Larry Page, former CEO of Google, but Page's loss was much smaller: $15.4 billion. Sergey Brin, former CEO of Alphabet, ranks third: he lost $14.3 billion.

But why is this happening? Basically because Tesla's stocks, which rose an impressive 60% last year, are giving back those gains. So far this year, the shares have depreciated by more than 26%. It's not something that is happening specifically with Tesla, but with a good part of the so-called "Trump Trade", which refers to the trades that bet that the new president would bring more economic growth to the United States. For example, the Dow Jones industrial stocks index, which set record after record after the elections, is up only 2.67% in 2025.