U.S. Billionaires Lose Over $300 Billion in Early Days of Trump’s Second Term, Forbes Reveals

Just 100 days into President Donald J. Trump’s second term, America’s wealthiest individuals are feeling the sting of a turbulent economy.

According to a recent Forbes report, U.S. billionaires have collectively lost more than $300 billion since Inauguration Day on January 20 — marking one of the most dramatic early-term wealth contractions in modern history.

Leading the losses is Elon Musk, whose net worth has plummeted by over $45 billion, the steepest drop among all U.S. billionaires. The founder of Tesla and SpaceX has seen Tesla shares sink by 33%, driven by deepening investor anxiety over supply chain issues and his increasingly polarizing political statements.

Once a vocal supporter of Trump’s deregulatory agenda, Musk has since distanced himself from the administration, even engaging in public online disputes with Trump’s trade adviser, Peter Navarro.

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The broader market hasn’t fared much better. The S&P 500 and Dow Jones Industrial Average are each down nearly 8%, making this the worst stock market kickoff to a presidential term in over five decades.

The sharp declines have been fueled by a reignited trade war, as President Trump doubles down on tariffs and protectionist economic policies.

Jeff Bezos, the Amazon founder, has seen his wealth shrink by $34.8 billion, while Google co-founders Larry Page and Sergey Brin have lost $27.4 billion and $25.6 billion respectively. Meta CEO Mark Zuckerberg has also seen a $21.5 billion reduction in his net worth.

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Oracle co-founder Larry Ellison, a known Trump ally and key backer of a proposed $500 billion AI initiative, has watched his fortune fall by $28.2 billion.

Even Trump loyalist Stephen Schwarzman, CEO of private equity giant Blackstone, hasn’t escaped the downturn. After initially avoiding Trump’s 2024 campaign, he eventually endorsed the president—only to find himself nearly $11 billion poorer in the new economic landscape.

However, not everyone in the billionaire class is feeling the heat. Warren Buffett, chairman of Berkshire Hathaway, has emerged as a rare winner.

With a conservative portfolio fortified by over $330 billion in cash and cash equivalents, Buffett’s holdings have soared, pushing his personal wealth up by $19.6 billion. His company’s stock is up 13%, proving yet again his reputation for weathering financial storms.

Others have also gained in this volatile period. Tech investor Peter Thiel and Palantir CEO Alexander Karp have seen their fortunes rise, largely due to an influx of federal contracts. Meanwhile, the Walton family—heirs to the Walmart empire—each added more than $3 billion to their wealth as inflation drove consumer demand and lifted Walmart’s bottom line.

Even President Trump has felt the financial fallout. His net worth has taken a $1.5 billion hit, largely attributed to a 35% drop in the stock price of Trump Media & Technology Group, the parent company of his social media platform, Truth Social.

As economic uncertainty continues and policy battles rage in Washington, America’s ultra-wealthy are finding themselves in uncharted territory — navigating a volatile landscape under a president known for disruption and unpredictability.