A new Forbes analysis reveals America’s wealthiest individuals collectively lost over $300 billion in the first 100 days of Donald Trump’s second presidential term, marking the worst market start to a presidency in 50 years. The report shows significant declines across tech and business sectors as new trade policies took effect.
Elon Musk’s fortune suffered the largest single decline, dropping $45 billion as Tesla shares fell 33% amid supply chain concerns and political tensions. Other major losers include Amazon’s Jeff Bezos ($34.8 billion), Google founders Sergey Brin ($25.6 billion) and Larry Page ($27.4 billion), and Meta’s Mark Zuckerberg ($21.5 billion). Even President Trump’s net worth decreased by $1.5 billion due to a 35% drop in his media company’s stock value.
The S&P 500 and Dow Jones Industrial Average each fell nearly 8% since January 20, with analysts citing Trump’s renewed tariff focus as a key factor. Oracle’s Larry Ellison, despite supporting Trump’s campaign and participating in a proposed $500 billion AI plan, saw his wealth decline by $28.2 billion.
Warren Buffett emerged as a rare exception, with his fortune growing $19.6 billion as Berkshire Hathaway shares rose 13%. Other gainers included Palantir executives benefiting from government contracts and Walmart heirs who added over $3 billion each from inflation-driven consumer spending.
The financial turbulence reflects the early impact of the Trump administration’s economic policies, which have emphasized protectionist trade measures while creating global market uncertainty. Market observers suggest these trends may continue as additional trade restrictions are expected in coming months.
