JERSEY CITY, USA – A new Forbes analysis has revealed that America’s richest individuals, including tech magnates Elon Musk, Jeff Bezos, and Mark Zuckerberg, have collectively lost more than $300 billion since President Donald Trump began his second term on Monday, January 20, 2025.
According to the report, the U.S. stock market has endured its worst opening to a presidential term in half a century, with both the S&P 500 and the Dow Jones Industrial Average falling by nearly 8% amid escalating economic tensions.
Elon Musk, CEO of Tesla and SpaceX, has suffered the largest individual loss, with his wealth shrinking by over $45 billion.
Tesla shares have plunged 33% on concerns over global supply chain volatility and investor unease about Musk’s controversial political statements.
The billionaire, once a supporter of Trump’s government reform ambitions, has since publicly clashed with Trump aides like Peter Navarro.
Other top billionaires hit hard include:
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Jeff Bezos (Amazon): –$34.8 billion
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Larry Page (Google): –$27.4 billion
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Sergey Brin (Google): –$25.6 billion
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Mark Zuckerberg (Meta): –$21.5 billion
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Larry Ellison (Oracle): –$28.2 billion
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Stephen Schwarzman (Blackstone): –$11 billion
Ellison, despite backing a proposed $500 billion AI infrastructure push alongside Trump, was not insulated from market fallout.
Not all billionaires have lost ground.
Warren Buffett has emerged as the biggest winner, with Berkshire Hathaway stock gaining 13% and his fortune up $19.6 billion—thanks in part to holding over $334 billion in cash, which shielded his portfolio from market shocks.
Peter Thiel and Palantir CEO Alex Karp also saw gains, as federal contracts buoyed their firms.
Meanwhile, Walmart heirs Rob, Jim, and Alice Walton each gained over $3 billion amid inflation-driven consumer spending boosts.
President Trump was not spared as his personal wealth declined by $1.5 billion, mainly due to a 35% drop in the stock value of Trump Media & Technology Group, which operates the conservative social media platform Truth Social.
The downturn has been widely attributed to Trump’s renewed push for tariff expansion and a looming trade war, which have shaken investor confidence.
With billionaire wealth and corporate valuations in flux, analysts say the administration’s next moves could either intensify the pressure — or offer an opportunity for course correction.
