After Trump's election, they gained a lot. After he took office, they began to lose. Every time the US president speaks, escalating the trade war, there is retaliation. Even though they are accumulating losses, there is a horizon that could fuel their inaction: if Europe gives in to Trump, the gains could be tremendously greater Imagine that Portugal lost more than half of the wealth it produces every year. It was exactly such a loss that five billionaires who attended Donald Trump's inauguration experienced. Despite the initial gains from being associated with the new president of the United States of America, the truth is that in recent weeks they have accumulated losses. The amount of losses accumulated by Elon Musk, Jeff Bezos, Sergey Brin, Mark Zuckerberg and Bernard Arnault already exceeds 209 billion dollars - the equivalent of 192 billion euros, a figure that represents 67% of the wealth produced in Portugal every year, according to the Bloomberg Billionaires Index. This is the result of a protectionist policy and a trade war with unforeseeable effects which, according to economists, political scientists and international relations experts interviewed by CNN Portugal, could result in a "brake" on the support these billionaires have given Trump. But they all agree that such a reversal is unlikely to happen in the short term. For two reasons: the great capacity of the tech giants to absorb losses and their hope that the trade war will result in a more favorable context for them, which will boost business. Elon Musk and the "desperate attempt" to counteract "reputational damage" "Trump enjoys a state of grace, but this could be the beginning of his wear and tear," points out José Palmeira, professor of political science at the University of Minho. At this stage, the billionaire who has lost the most is precisely the one who has been most closely linked to Trump: Elon Musk, who even has a position in the US administration, at the head of the newly created Department of Government Efficiency (DOGE). The Tesla owner saw the value of his shares almost double after the elections. However, the scenario was reversed, with losses of around 148 billion dollars after taking office. Sales are falling in several countries - especially in Europe, where his alignment with the far right, evident in the last German elections, is being criticized. And some people are putting stickers on cars they've already bought to emphasize how far they are from the businessman's current ideals. Faced with this "reputational damage", Trump ended up promoting a Tesla in the White House. "It's a desperate attempt to counteract things," summarizes Orlando Samões, a specialist in international relations at the Institute of Political Studies of the Portuguese Catholic University. "People tend to penalize these figures [multimillionaires] because they consider their approach to power to be excessive." Elon Musk with Donald Trump (Jim Watson/AFP/Getty Images) There will be a "saturation point" But could the losses felt by billionaires close to Trump act as a brake on an economic policy that many define as madness? Analysts interviewed by CNN Portugal admit yes. "I believe that these people, when they see the profits of their companies falling, will call the president himself to account," says Ricardo Ferraz, economist and professor at ISEG and Universidade Lusófona. "It could lead to a saturation point, to discontent in these sectors, leading them to distance themselves [from the association with Trump and his policies]," adds José Palmeira. "They may come to advise him differently," summarizes Orlando Samões, faced with the fact that the expected advantages of coming to power have been lost. A horizon that leads to inaction The real question is whether and when the "saturation point" will occur. For those who are used to looking at the economy and international politics, it's not something we should expect any time soon. "These billionaires should have expected the trade war to bring losses. They're not that big a deal if they materialize over one, two or three years," says economist Filipe Grilo, a lecturer at Porto Business School. On the horizon, he continues, there are consequences of the trade war that could bring far greater benefits. "Trump's policy will be to get Europe to negotiate other kinds of conditions". Which ones? Reducing the regulation and tax burden that have overshadowed the presence of American technology companies in the Old Continent. "From the point of view of the billionaires, they're thinking more about the long-term effects. They hope that, at the end of the trade war, they'll end up winning things that aren't even being negotiated yet," says Filipe Grilo. Mark Zuckerberg, Jeff Bezos, Sundar Pichai and Elon Musk all together in a photo (Julia Demaree Nikhinson, Pool/AP) The problem is the others Elon Musk, owner of Tesla, lost 148 billion dollars. Jeff Bezzos, of Amazon, 29 billion. Sergey Brin, former chairman of Alphabet, which owns Google, another 22 billion. For Mark Zuckerberg, owner of Meta, which controls Facebook and Instagram, it was five billion. The same amount that Bernard Arnault, owner of LVMH, which owns the Louis Vuitton and Dior brands, lost. They were all at Donald Trump's inauguration. And they are reaping the rewards of that "protection" they sought from power. For Orlando Samões, these dynamics in the market "are a good sign" that it continues to function regularly, "with the values of companies fluctuating according to people's interests". "The people who are worried about deregulation in the stock market are the average Americans, who invest a lot more than the average Portuguese. They will feel that their savings are at risk," points out Filipe Grilo. The concern of the experts interviewed by CNN Portugal is for all the other companies that will feel the impacts of the trade war - since they are dependent on foreign raw materials where tariffs will be applied - and, ultimately, for the average consumer. "These multi-millionaires are paying the bill, like all American companies that import raw materials, because they will end up suffering from the response that other countries will give to the US," points out Ricardo Ferraz. "And the workers themselves, because if companies are affected, this is felt in employment levels, in salaries, in the loss of purchasing power in the face of products that have become more expensive with these tariffs and with inflation," adds José Palmeira. https://cnnportugal.iol.pt/donald-trump/elon-musk/elon-musk-e-outros-quatro-multimilionarios-ja-perderam-mais-de-metade-do-pib-de-portugal-ao-lado-de-trump-agora-so-eles-o-podem-travar/20250314/67d48dffd34ef72ee443772c Wilson Ledo