A new report from Forbes reveals that the wealthiest Americans, including high-profile tech moguls like Elon Musk and Jeff Bezos, collectively lost over $300 billion during the first 100 days of President Donald Trump’s second term.

This financial downturn, coinciding with a broader decline in the stock market, marks the worst start to a presidential term in half a century.

The report highlights that Elon Musk faced the largest personal loss, with his net worth dropping by more than $45 billion. This decline was linked to a 33% fall in Tesla’s stock price, driven by concerns over supply chain disruptions and Musk’s increasingly controversial political positions.

While Musk initially supported Trump’s deregulation policies, he has recently had public disagreements with members of the administration, including senior trade advisor Peter Navarro.

The stock market has also been affected, with both the S&P 500 and the Dow Jones Industrial Average falling by nearly 8% since Trump’s inauguration on January 20. This drop is largely attributed to market instability caused by renewed trade tensions and a tariff-heavy economic agenda.

Other billionaires affected include Amazon founder Jeff Bezos, whose wealth dropped by $34.8 billion, and Google’s Larry Page and Sergey Brin, who lost $27.4 billion and $25.6 billion, respectively. Meta’s Mark Zuckerberg saw a $21.5 billion decline, while Oracle’s Larry Ellison, a Trump supporter, experienced a $28.2 billion drop in his fortune despite his involvement in a $500 billion AI infrastructure proposal. Stephen Schwarzman, the head of Blackstone, also saw his net worth fall by nearly $11 billion after rejoining Trump’s 2024 campaign efforts.

While most tech billionaires suffered significant losses, Warren Buffett stood out as an exception.

Despite the market volatility, Berkshire Hathaway’s stock has risen by 13%, adding $19.6 billion to Buffett’s personal wealth. With over $334 billion in cash reserves, Buffett has outperformed many of his peers.

Peter Thiel and Palantir CEO Alexander Karp also saw gains, largely due to profitable federal contracts. The Walton family, heirs to the Walmart fortune, benefited as well, each gaining over $3 billion thanks to increased consumer spending amid inflation.

Even President Trump himself wasn’t immune to the financial slump. Forbes reported a $1.5 billion reduction in his net worth, primarily due to a 35% drop in the stock value of Trump Media & Technology Group, the parent company of Truth Social.