Market Reactions to Trump’s Return
Unlike his previous term, Donald Trump’s inauguration as the new president of the United States in 2025 caused significant turmoil in global markets, primarily due to his controversial economic policies featuring severe tariffs. The local stock market was no exception to this volatility.
From Monday, January 20, to the present, the U.S. S&P 500 index dropped by 6.3%, while the Argentine Merval index, measured in dollar CCL, declined by nearly 16%. As a result, some of Argentina’s most prominent billionaires suffered substantial losses due to the declines in their companies’ stock values.
Argentine Billionaires Affected by the Market Decline
Pérez Companc Family (Molinos Río de la Plata)
Molinos Río de la Plata, the flagship company of the Pérez Companc family, saw its market value shrink by 25% in dollar terms, dropping from $791 million to $593 million. Since the family controls 75% of the company, their wealth took a hit of $148 million in just two months.
Eduardo Costantini (Consultatio)
Similarly, Consultatio, the financial and real estate group owned by Eduardo Costantini, fell by 28%, reducing its valuation from $836 million to $645 million. This decline resulted in a $169 million loss for Costantini, one of Argentina’s leading figures in real estate and finance. Additionally, Anses, which holds 24% of the company’s shares, recorded a $56 million loss.
Javier Madanes Quintanilla (Aluar)
Aluar, Argentina’s sole primary aluminum producer, owned by Javier Madanes Quintanilla, was relatively less affected, with its market capitalization declining by 4.3%—from $1.899 billion to $1.817 billion. Despite the U.S. imposing a 25% tariff on aluminum and steel imports, which directly impacts companies like Aluar and Ternium, Madanes Quintanilla and his family, who own 23% of Aluar, lost approximately $18 million.
Argentina has exported around $600 million worth of these metals to the U.S. in the past five years, with Aluar alone selling $530 million last year—40% of its production.
Marcelo Mindlin (Pampa Energía)
Pampa Energía, an energy giant, dropped by about 12.5%, reducing its market capitalization from $4.619 billion to $4.041 billion. This decline meant that Marcelo Mindlin, the company’s founder, may have suffered a net worth loss of $30 million, as he holds an estimated 5% stake in Pampa Energía.
Jorge Brito (Banco Macro)
Banco Macro, one of Argentina’s largest private banks, saw its market value decline from $6.544 billion to $5.104 billion, a 22% drop. This contributed significantly to the overall decline of the Merval index. Jorge Brito, the heir to the financial group and president of Club Atlético River Plate, lost $244 million. The Carballo family, which holds a similar stake, likely experienced comparable losses.
Miguel Galuccio (Vista Energy)
Vista Energy, led by Miguel Galuccio, was another Argentine corporation impacted by market instability, with a 19% drop in value. This caused its market capitalization to fall from $5.460 billion to $4.422 billion. Galuccio, who holds an 8% stake in Vista, saw his fortune shrink by $82 million.
However, both Galuccio and Mindlin may see a recovery in their net worth in the coming years due to the promising outlook for Vaca Muerta, Argentina’s major shale oil and gas field. Estimates suggest that 75% of this year’s trade surplus will come from the energy sector.
Patricio Supervielle (Grupo Supervielle)
Grupo Supervielle, under Patricio Supervielle, suffered a 24% drop in value, falling from $1.580 billion to $1.200 billion. As the company’s largest individual shareholder, Supervielle lost nearly $95 million, given his 25% ownership stake.
Martín Migoya & Team (Globant)
Among all affected companies, Globant, the tech unicorn founded by Martín Migoya, Guibert Englebienne, Martín Umarán, and Néstor Nocetti, suffered the most. Its stock plummeted 36%, reducing its market capitalization from $9.270 billion to under $6 billion. While the losses were distributed among various investors, they amounted to several million dollars.
Interestingly, Globant’s decline was not solely due to broader market conditions but also specific factors, such as weaker growth prospects in artificial intelligence (AI).
Exceptions: Companies That Thrived
While most companies faced downturns, two stood out as exceptions, growing despite market turbulence.
Marcos Galperin (Mercado Libre)
Mercado Libre, the e-commerce and digital payments giant founded by Marcos Galperin, appreciated by 12%, raising its market capitalization from $93 billion to nearly $105 billion. With a 7% stake in the company, Galperin’s net worth surged by $781 million, pushing him past the $9 billion mark and securing his place among the world’s 400 wealthiest individuals.
Paolo Rocca (Ternium)
Ternium, part of the Techint Group led by Paolo Rocca, also performed well. Its shares increased by 15%, boosting its market capitalization from $5.6 billion to $6.5 billion. As a result, Rocca and his family’s fortune grew proportionally, exceeding $15 billion, reinforcing their position as Argentina’s wealthiest family.
The return of Donald Trump to the U.S. presidency has sent ripples through global markets, affecting many Argentine billionaires. While some, like the Pérez Companc family, Costantini, and Brito, saw significant declines in their wealth, others, such as Galperin and Rocca, managed to capitalize on the situation. As markets continue to adjust to Trump’s policies, investors will closely monitor how businesses adapt to the new economic landscape.