A new report by Forbes reveals that America’s wealthiest individuals, including tech titans Elon Musk and Jeff Bezos, have collectively lost more than $300 billion in the first 100 days of Donald Trump’s second term as U.S. president.
Since Trump’s return to the White House on January 20, the U.S. stock market has suffered its worst start to a presidential term in half a century. Both the S&P 500 and Dow Jones Industrial Average have dropped nearly 8%, largely due to escalating trade tensions fueled by the administration’s renewed focus on tariffs.
Elon Musk took the biggest financial hit, with his net worth shrinking by over $45 billion. Tesla shares have plummeted 33%, driven by investor anxiety over supply chain disruptions and Musk’s polarizing political behavior. Once a vocal supporter of Trump’s regulatory reform agenda, Musk has since become a critic, publicly clashing with senior trade adviser Peter Navarro.
Jeff Bezos, Amazon’s founder, also saw a significant drop in wealth—down $34.8 billion. Google’s Sergey Brin and Larry Page lost $25.6 billion and $27.4 billion respectively, while Meta’s Mark Zuckerberg saw his fortune fall by $21.5 billion.
Larry Ellison, Oracle co-founder and a known Trump ally, suffered a $28.2 billion loss despite his involvement in a proposed $500 billion AI infrastructure plan backed by the administration. Stephen Schwarzman, CEO of Blackstone and a major Trump campaign donor, is down nearly $11 billion.
Not everyone lost, however. Warren Buffett, chairman of Berkshire Hathaway, emerged as the biggest gainer. Backed by $334 billion in cash reserves, Berkshire shares climbed 13%, boosting Buffett’s net worth by $19.6 billion.
Other winners include Peter Thiel and Palantir CEO Alexander Karp, both benefiting from lucrative government contracts. The Walton family, heirs to the Walmart fortune, also added over $3 billion each as the retail giant thrives amid inflation-driven consumer spending.
Even President Trump experienced financial losses. His net worth reportedly dropped by $1.5 billion, largely due to a 35% slump in the stock of Trump Media & Technology Group, the parent company of his social media platform, Truth Social.
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