Elon Musk has been the hardest hit by Donald Trump‘s tariffs and presidency as the US president’s policies wipe hundreds of billions off the net worth of his closest allies.
A new report in the Times has worked out which billionaires have been worst affected by Trump’s tariffs – and it’s his ‘first buddy’ Elon who has come out on top.
Using the Bloomberg Billionaire Index, the publication worked out that the Tesla CEO had “paid the biggest price” for Trump’s presidency, after seeing his total net worth drop by $135 billion from the start of 2025.
As of April 8, Musk’s net worth sat at $298bn, the first time it had dipped below $300bn since November.
A huge factor in this has been the plummeting value of Tesla’s stock, which has dropped by almost 50% from its record high in December.
Musk wasn’t the only Trump ally to lose billions thanks to the Republican’s tariffs. Two of the men who stood alongside Musk at the inauguration – Jeff Bezos and Mark Zuckerberg – have also been badly hit.
Amazon founder Bezos has lost just over 12% of his net worth in two days thanks to the tariffs, whilst his company’s share price has dropped buy almost 25% since Trump came to office. Last week, Amazon’s stock hit a six-month low.
Meanwhile, the Zuck suffered the second-biggest loss of all billionaires as 15% of his net worth disappeared. Meta’s stock price has also fallen by 14% because of Trump’s tariffs, as the company relies on tech made in Asia, which has been hit hard by the disastrous trade policy.
This week, trillions of dollars have been wiped off the global stock market by Trump’s ‘Liberation Day’ tariffs.
Along with sparking an all-out trade war with China, the tariffs have led some to compare the situation to Liz Truss‘s disastrous mini-budget as well after some investors started selling their long term US government bonds.
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