Leading the decline is Elon Musk, whose fortune shrank by a staggering $45 billion since January 20th. This represents the largest individual loss among U.S. billionaires, primarily driven by a 33% drop in Tesla's stock value. Investor concerns regarding supply chain disruptions and Musk's increasingly contentious political stances have contributed to this decline. Notably, Musk, who initially supported Trump's efforts to streamline government operations, has since distanced himself, engaging in public disputes with senior trade advisor Peter Navarro.
The broader market has mirrored this volatility. The S&P 500 and Dow Jones Industrial Average experienced their worst start to a presidential term in 50 years, each falling nearly 8%. This downturn is largely attributed to a renewed trade war fueled by President Trump's focus on tariffs, creating uncertainty and instability in the financial markets.
Other tech heavyweights have also felt the impact. Amazon's Jeff Bezos saw his wealth decrease by $34.8 billion, while Google co-founders Sergey Brin and Larry Page experienced losses of $25.6 billion and $27.4 billion, respectively. Meta's Mark Zuckerberg's fortune declined by $21.5 billion. Oracle co-founder Larry Ellison, a vocal Trump supporter, lost $28.2 billion, and Stephen Schwarzman of Blackstone, who initially resisted involvement in Trump's 2024 campaign, saw his wealth diminish by nearly $11 billion.
However, not all billionaires have suffered. Warren Buffett, chairman of Berkshire Hathaway, has emerged as a notable winner. With a substantial $334 billion in cash and cash equivalents, his holdings have proven resilient to market fluctuations. Berkshire Hathaway's shares have risen by 13%, boosting Buffett's fortune by $19.6 billion.
Similarly, Peter Thiel and Palantir CEO Alexander Karp have witnessed gains, largely due to lucrative federal contracts. The Walton heirs, Rob, Jim, and Alice, have also seen their wealth increase by over $3 billion, as Walmart benefits from inflation-driven consumer demand.
Even President Trump's own net worth has been affected. The report indicates a $1.5 billion drop, primarily attributed to a 35% decline in the stock price of Trump Media & Technology Group, the parent company of Truth Social.
This financial upheaval underscores the interconnectedness of the stock market, political policies, and individual wealth. As President Trump's second term unfolds, the economic landscape remains uncertain, with potential for further fluctuations in the fortunes of America's wealthiest individuals.