Tech moguls, including Elon Musk, Jeff Bezos, and other prominent U.S. billionaires, have reportedly lost more than $300 billion within the first 100 days of President Donald Trump’s time in office, according to a recent Forbes report.
The report highlighted that Musk’s Tesla, which is currently under his leadership, faced a significant 33% decline due to investor concerns surrounding supply chain disruptions. This drop also follows Musk’s increasingly controversial political affiliations in the United States.
As noted by Vanguard, since Trump’s return to the White House on January 20, Musk’s net worth has shrunk by over $45 billion. This decrease marks the largest individual loss among U.S. billionaires.
Forbes further revealed that the U.S. stock market experienced its worst start to a presidential term in 50 years, with both the S&P 500 and the Dow Jones Industrial Average down nearly 8%. This decline was attributed to a trade war prompted by President Trump’s renewed focus on tariffs.
Among the hardest hit individuals are Amazon’s Jeff Bezos, whose wealth dropped by $34.8 billion, and Google’s Sergey Brin and Larry Page, who lost $25.6 billion and $27.4 billion, respectively. Mark Zuckerberg of Meta also saw a decline of $21.5 billion.
Larry Ellison, the co-founder of Oracle, experienced a drop in wealth by $28.2 billion. Additionally, Stephen Schwarzman of Blackstone, who reversed his earlier decision to stay out of Trump’s 2024 campaign, saw nearly $11 billion of his fortune wiped out.
However, despite the downturn in the market, Warren Buffett, the chairman of Berkshire Hathaway, emerged as one of the few major winners during the early days of President Trump’s administration.
- Understanding the impact of tariffs on the global market
- How political decisions affect the tech industry
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