The American stock market experienced a significant drop on Monday.
A new round of massive selling hit the financial markets amid uncertainty regarding trade policy, fueling fears that the US economy could slip into a recession, Reuters reports.
The S&P 500 index fell by 2.7%, reaching its lowest level since September. The Nasdaq Composite, dominated by technology sector stocks, recorded the biggest loss among major stock averages, dropping by 4%, marking its worst session since September 2022.
In this context, President Donald Trump's net worth dropped by nearly $300 million in just one day, continuing a decline that has been ongoing for several months.
Shares of Trump Media & Technology Group lost over 11%, reaching the lowest level since October, according to Forbes.
Therefore, Trump's wealth decreased by $296 million, reaching $4.6 billion. This decline is part of a broader drop of $2.4 billion since mid-January when the president's wealth had significantly increased.
Since the beginning of the year, Trump Media's shares have lost 41%.
The decline in Trump Media's shares is largely attributed to Trump's comments in an interview with Fox News aired on Sunday, where he did not rule out the possibility of a recession in 2025 and stated that "you can't just look at the stock market."
Elon Musk's Billions Disappearing Before Our Eyes
Not only did Donald Trump suffer significant losses. Elon Musk saw his net worth drop by $22.8 billion after Tesla's shares plummeted by over 15%, hitting the lowest level since October 23.
Even after this loss, Musk's wealth is estimated at $319.6 billion, keeping him as the richest person in the world, with over $100 billion more than Jeff Bezos.
However, Musk is now over $140 billion poorer compared to his record of $464 billion reached in December.