Among a group of billionaires, none have faced the impact as severely as Elon Musk, a close aide to Trump.
By: Grace Thomas
Translated by: Lemin
At Trump's inauguration, tech billionaires like Mark Zuckerberg, Jeff Bezos, and Elon Musk occupied prominent positions.
It was initially expected that billionaires would emerge as big winners under Trump's administration.
However, as of now, in the first eight weeks of Trump's presidency, their wealth has significantly diminished. Below are the billionaires who have suffered the most losses.
There are at least nine billionaires in Donald Trump's administration, more than in any previous president's cabinet.
He has many billionaire friends or fans: during the election and inauguration, 16 billionaires visited him at Mar-a-Lago. In early February, Mark Zuckerberg met with Trump at the White House, and on March 12, it was reported that the Meta CEO visited the White House again. However, so far, a pro-business, pro-capitalist president who is also a billionaire has not brought much benefit to the billionaires. From January 20 to March 13, the S&P 500 index fell by 7.9%, while the tech-heavy Nasdaq index plummeted by 11.8%. According to Forbes, this decline has had a significant impact on America's wealthiest individuals: the total wealth of American billionaires decreased by $415 billion.
In contrast, during the same period after Joe Biden's inauguration, the S&P 500 index rose slightly by 2.4%, and the Nasdaq index fell by 1%. During this time, the wealth of American billionaires increased by $153 billion, a growth rate of 3.6%.
Factors leading to the stock market decline include Trump's erratic decisions to impose tariffs on Canada and Mexico, which created uncertainty—something corporate leaders avoid at all costs. Additionally, Trump's recent imposition of a 25% tariff on all imported steel and aluminum seems to have sparked a trade war, with the EU planning to impose tariffs on American goods starting April 1. More worryingly, in early March, the Atlanta Federal Reserve predicted a 2.8% contraction in economic growth for the first quarter, which some have dubbed the "Trumpcession."
Among a group of billionaires, none have faced the impact as severely as Elon Musk, a close aide to Trump.
On January 20, the world's richest man had a net worth of $434 billion. However, since then, reports have indicated that in the first two months of 2025, Tesla's car sales in Germany, China, and Australia have significantly declined; JPMorgan analysts have downgraded their forecast for Tesla's car deliveries in the first quarter of 2025 by 20% to 355,000 units, the lowest level since the third quarter of 2022. Meanwhile, protests against Tesla and Musk have erupted outside Tesla stores across the country, some peaceful, but others involving vandalism. Since Trump's inauguration, Tesla's stock price has plummeted by 43%, which has led to a $104 billion decrease in Musk's wealth. According to Forbes, after the market closed on March 13, his wealth stood at $330 billion.
Despite a 24% decrease in wealth, he still retains the title of the world's richest person.
Ross Mayfield, an investment strategist at Baird Private Wealth Management, believes that Musk's wealth being impacted is not surprising, although it has little to do with the multiple roles Musk has taken on recently. Mayfield stated, "I don't think Musk's role in the (Trump) administration has helped his wealth… but I don't think that's the main reason for the impact on his wealth. If we are heading toward an economic slowdown, then the automotive and cyclical industries would naturally be hit the hardest, and the automotive industry is also very susceptible to cross-border trade and tariffs."
The market crash has also severely impacted several other tech stocks. Due to concerns over economic weakness, the once-mighty "Seven Giants"—Tesla, Nvidia, Alphabet, Amazon, Meta, Apple, and Microsoft—have collectively lost over $1.5 trillion in market value since January 20. Some of the leaders of these companies, including Amazon's Jeff Bezos, Google (now part of Alphabet) co-founder Sergey Brin, and Meta's Zuckerberg, also attended Trump's inauguration at the Capitol and stood in prominent positions among the guests. Now, these tycoons have become part of the group that has suffered the most significant wealth losses since that celebration.
Here are the 20 American billionaires who have lost the most wealth since January 20, 2025 (net worth as of the market close on March 13):
1. Elon Musk
Net Worth: $330 billion
Loss: $104 billion
Source of Wealth: Tesla, SpaceX
2. Jeff Bezos
Net Worth: $210 billion
Loss: $29 billion
Source of Wealth: Amazon
3. Larry Page
Net Worth: $136 billion
Loss: $26 billion
Source of Wealth: Alphabet (Google)
4. Sergey Brin
Net Worth: $130 billion
Loss: $24 billion
Source of Wealth: Alphabet (Google)
5. Larry Ellison
Net Worth: $183 billion
Loss: $22 billion
Source of Wealth: Oracle
6. Jensen Huang
Net Worth: $101 billion
Loss: $19 billion
Source of Wealth: Nvidia
7. Michael Dell
Net Worth: $97 billion
Loss: $18 billion
Source of Wealth: Dell Technologies
8. Steve Ballmer
Net Worth: $115 billion
Loss: $11 billion
Source of Wealth: Microsoft
9. Stephen Schwarzman
Net Worth: $42.3 billion
Loss: $10.2 billion
Source of Wealth: Private Equity
10. Thomas Peterffy
Net Worth: $48.8 billion
Loss: $7.9 billion
Source of Wealth: Discount Brokerage
11. Mark Zuckerberg
Net Worth: $204 billion
Loss: $7.6 billion
Source of Wealth: Facebook/Meta
12. Rob Walton and Family
Net Worth: $103 billion
Loss: $7 billion
Source of Wealth: Walmart
13. Jim Walton and Family
Net Worth: $102 billion
Loss: $6.9 billion
Source of Wealth: Walmart
14. Alice Walton
Net Worth: $94.6 billion
Loss: $6.8 billion
Source of Wealth: Walmart
15. Abigail Johnson
Net Worth: $31.3 billion
Loss: $5.6 billion
Source of Wealth: Fidelity Investments
16. Brian Armstrong
Net Worth: $7.6 billion
Loss: $5.2 billion
Source of Wealth: Coinbase
17. Robert Pera
Net Worth: $14.9 billion
Loss: $4.6 billion
Source of Wealth: Wireless Networks
18. MacKenzie Scott
Net Worth: $27.4 billion
Loss: $4.5 billion
Source of Wealth: Amazon
19. George Roberts
Net Worth: $14.2 billion
Loss: $4.2 billion
Source of Wealth: Private Equity
20. Lindahl Stephens Grace and Family
Net Worth: $26.4 billion
Loss: $4.2 billion
Source of Wealth: Oil and Gas
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