A new Forbes report has revealed that Elon Musk and other top American billionaires lost over $300 billion within the first 100 days of President Donald Trump’s second term.
According to the report, Elon Musk’s wealth dropped the most, by more than $45 billion, since Trump resumed office on January 20, 2025. This makes it the biggest single loss among all U.S. billionaires.
The U.S. stock market also suffered a tough start under the new administration. Forbes described it as the worst market performance in the beginning of any presidency in the last 50 years. Both the S&P 500 and the Dow Jones Industrial Average dropped by nearly 8%, mostly due to Trump’s renewed trade war and heavy tariffs.
Tesla, which is owned by Musk, fell by 33% as investors grew worried about supply chain issues and Musk’s involvement in political arguments. While Musk once supported Trump’s ideas to reduce government waste, he has since fallen out with the administration, even clashing with Trump’s trade adviser, Peter Navarro, online.
Other billionaires also saw sharp losses:
- Jeff Bezos (Amazon) lost $34.8 billion
- Sergey Brin (Google co-founder) lost $25.6 billion
- Larry Page (Google co-founder) lost $27.4 billion
- Mark Zuckerberg (Meta) lost $21.5 billion
- Larry Ellison (Oracle) lost $28.2 billion
- Stephen Schwarzman (Blackstone) lost nearly $11 billion
Larry Ellison, who had supported Trump and joined his $500 billion artificial intelligence infrastructure plan, saw his wealth go down sharply. Schwarzman, who had changed his mind and backed Trump’s 2024 campaign, also suffered losses.
However, not all billionaires lost money. Warren Buffett gained $19.6 billion, becoming the biggest financial winner in Trump’s early days. His company, Berkshire Hathaway, performed well and now holds about $334 billion in cash and short-term investments. Its shares rose by 13%.
Some others also gained:
- Peter Thiel and Palantir CEO Alexander Karp made profits due to government contracts
- The Walton siblings (Rob, Jim, and Alice), who own Walmart, each gained over $3 billion thanks to strong consumer spending during inflation
Even President Trump himself lost money. His net worth fell by $1.5 billion after the stock price of his media company, Trump Media & Technology Group — which owns Truth Social — dropped by 35%.
Despite the mixed results, the report shows that many of America’s richest people are feeling the effects of market uncertainty under Trump’s new policies.
