Elon Musk and other billionaires lose $300bn in Trump’s first 100 days which is the worst start to a presidential term in five decades

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A new report by Forbes has revealed that America’s wealthiest individuals, including prominent tech moguls such as Elon Musk and Jeff Bezos, collectively lost over $300 billion in the first 100 days of President Donald J. Trump’s second term. The financial downturn comes amid a broader stock market decline, marking the worst start to a presidential term in five decades.

According to the report, Elon Musk suffered the steepest personal loss, with his net worth plummeting by more than $45 billion. The drop in wealth coincides with a 33% fall in Tesla’s stock price, driven by investor concerns over ongoing supply chain issues and Musk’s increasingly polarizing political stances. Once supportive of Trump’s deregulation agenda, Musk has recently clashed publicly with members of the administration, including senior trade adviser Peter Navarro.

The S&P 500 and Dow Jones Industrial Average have both fallen by nearly 8% since Trump’s inauguration on January 20, a decline largely attributed to market instability triggered by renewed trade tensions and a tariff-heavy economic policy.

Other billionaires hit hard include Amazon founder Jeff Bezos, who saw his fortune decrease by $34.8 billion, and Google co-founders Larry Page and Sergey Brin, down by $27.4 billion and $25.6 billion respectively. Meta’s Mark Zuckerberg has lost $21.5 billion, while Oracle’s Larry Ellison, a known Trump ally, saw a $28.2 billion dip in his net worth, despite his involvement in a proposed $500 billion AI infrastructure initiative. Blackstone’s Stephen Schwarzman also saw his wealth reduced by nearly $11 billion after rejoining Trump’s 2024 campaign efforts.

While most tech billionaires experienced sharp losses, Warren Buffett has emerged as the notable exception. His company, Berkshire Hathaway, has seen its shares rise 13% despite market volatility, boosting his personal wealth by $19.6 billion. With over $334 billion in cash reserves, Buffett has managed to outperform most of his peers.

Additionally, Peter Thiel and Palantir CEO Alexander Karp have seen gains, benefiting from lucrative federal contracts. The Walton family, heirs to the Walmart fortune, have also profited, each gaining over $3 billion as the retail giant sees increased consumer spending amid inflation.

Even President Trump was not spared, with Forbes reporting a $1.5 billion reduction in his net worth. The decline stems largely from a 35% drop in the stock value of Trump Media & Technology Group, the parent company of the social media platform Truth Social.

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