Musk and other billionaires lose $300bn during Trump’s first 100 days .

A recent Forbes report highlights that some of America’s richest individuals, including tech giants like Elon Musk and Jeff Bezos, collectively lost over $300 billion during the first 100 days of President Donald Trump’s second term.

This significant financial decline coincides with a broader downturn in the stock market, marking the worst start to a presidential term in fifty years. 

Musk experienced the largest personal loss, with his net worth dropping by more than $45 billion, largely due to a 33% decrease in Tesla’s stock price amid concerns over supply chain issues and his controversial political views. 

Other billionaires, such as Bezos, who lost $34.8 billion, and Google’s Larry Page and Sergey Brin, who saw declines of $27.4 billion and $25.6 billion respectively, also faced substantial losses. 

In contrast, Warren Buffett stands out as an exception; his company, Berkshire Hathaway, has seen a 13% increase in shares, adding $19.6 billion to his wealth, while he maintains over $334 billion in cash reserves.

Peter Thiel and Palantir CEO Alexander Karp have reaped significant rewards from profitable federal contracts, while the Walton family, heirs to the Walmart empire, have each seen their wealth increase by over $3 billion due to rising consumer spending during inflationary times. 

In contrast, former President Trump experienced a setback, with Forbes reporting a $1.5 billion drop in his net worth, primarily due to a 35% decline in the stock value of Trump Media & Technology Group, which owns the social media platform Truth Social.