A new report Forbes The wealthiest people in the United States, including famous tech tycoons such as Elon Musk and Jeff Bezos, revealed that the arrival of financial decline in President Donald J. due to the decline in the stock market, marking the worst start of his presidency in fifty years.
According to the report, Elon Musk suffered the worst personal losses, with his net worth falling by more than $45 billion. The decline in wealth was a 33% drop in Tesla’s share price, due to investors’ concerns about ongoing supply chain issues and Musk’s increasingly polarized political stance. Once backing Trump’s deregulation agenda, Musk recently openly clashed with members of the administration, including senior trade adviser Peter Navarro.
Both the S&P 500 and the Dow Jones industrial average have fallen by nearly 8% since Trump’s opening ceremony, mainly due to market instability caused by new trade tensions and tariff-heavy economic policies.
Other billionaires hit include Amazon founder Jeff Bezos, whose wealth has dropped by $34.8 billion, while Google co-founders Larry Page and Sergey Brin have dropped by $27.4 billion and $25.6 billion. Meta’s Mark Zuckerberg lost $21.5 billion, while Oracle’s Larry Ellison, a well-known Trump ally, has a net worth of $28.2 billion despite his involvement in a proposed $500 billion AI infrastructure initiative. Blackstone’s Stephen Schwarzman also saw his wealth drop by nearly $11 billion after rejoining Trump’s 2024 campaign.
Although most tech billionaires have experienced huge losses, Warren Buffett is a notable exception. His company, Berkshire Hathaway, saw that despite market volatility, its stock rose 13%, adding to his personal wealth by $19.6 billion. With over $334 billion in cash reserves, Buffett manages to outperform most of his peers.
Additionally, Peter Thiel and Palantir CEO Alexander Karp gained profits from lucrative federal contracts. Walmart, the heir to the Walton family, has also made a profit, with each family making more than $3 billion as retail giants believe consumer spending increases in the face of inflation.
Even President Trump is not spared. Forbes Its net assets were reported to have decreased by $1.5 billion. The decline is largely due to the decline in stock value of Trump Media and Technology Group, the parent company of the social media platform Truth Society, which has seen a 35% decline in stock value.
