Twelve of the world’s 20 wealthiest individuals have seen their net worth tumble this year, with many posting declines in the tens of billions of dollars, according to Bloomberg.
Why It Matters
With Donald Trump‘s return to the White House and his campaign promises to cut regulations and lower taxes, many anticipated that 2025 would be a banner year for billionaires.
However, market volatility in the wake of new tariffs and mounting concerns over a U.S. recession have created uncertainty in the U.S. economy.
Andrew Harnik / Dia Dipasupil/Getty Images / FilmMagic
Which Billionaires Have Lost The Most Money In 2025?
As of Monday, these are the ten billionaires who have lost the most money in 2025, according to Bloomberg’s Billionaires Index:
Elon Musk, Tesla and SpaceX CEO
- Total net worth: $301 billion
- Overall ranking: 1
- Lost in 2025: $132 billion
Larry Ellison, co-founder, chairman and chief technology officer of Oracle
- Total net worth: $169 billion
- Overall ranking: 5
- Lost in 2025: $23.2 billion
Jeff Bezos, founder and chairman of Amazon
- Total net worth: $216 billion
- Overall ranking: 2
- Lost in 2025: $22.5 billion
Jensen Huang, co-founder, president and CEO of Nvidia
- Total net worth: $94.0 billion
- Overall ranking: 16
- Lost in 2025: $20.3 billion
Michael Dell, founder, chairman and CEO of Dell Technologies
- Total net worth: $104 billion
- Overall ranking: 15
- Lost in 2025: $20.1 billion
Larry Page, co-founder of Google
- Total net worth: $150 billion
- Overall ranking: 8
- Lost in 2025: $17.8 billion
Changpeng Zhao, co-founder of Binance
- Total net worth: $35.6 billion
- Overall ranking: 45
- Lost in 2025: $17.7 billion
Sergey Brin, co-founder of Google
- Total net worth: $142 billion
- Overall ranking: 9
- Lost in 2025: $16.6 billion
Mike Sabel, co-founder, co-chairman and CEO of Venture Global LNG
- Total net worth: $8.9 billion
- Overall ranking: 328
- Lost in 2025: $15.8 billion
Bob Pender, co-founder and co-chairman of Venture Global LNG
- Total net worth: $8.9 billion
- Overall ranking: 329
- Lost in 2025: $15.8 billion
Three of the individuals on the list were present at Trump’s inauguration on January 20—Musk, Bezos and Brin.
According to Bloomberg, the full list of billionaire attendees—which also included Meta CEO Mark Zuckerberg and luxury goods mogul Bernard Arnault, among others—have lost over $200 billion since Trump’s return to the White House.
What People Are Saying
Adam Crisafulli, a stock market analyst, wrote on Monday, according to CBS News: “The drivers of the weakness are the same that have been weighing on sentiment since the middle of February: concerns about slowing growth, a destructive pro-tariff agenda by Trump (coupled with a high economic/financial pain threshold among White House officials), and elevated valuations.”
President Trump said during his address to Congress last week: “Tariffs are about making America rich again and making America great again. And it’s happening. And it will happen rather quickly. There’ll be a little disturbance, but we’re OK with that. It won’t be much.”
During an interview with Fox News on Sunday, Trump responded to fears over a looming recession, saying: “I hate to predict things like that. There is a period of transition, because what we’re doing is very big.”
Elon Musk quoted Monty Python when responding to huge losses suffered by Tesla on Monday. “But look on the bright side! Always look on the bright side of life,” he told Fox Business.
What Happens Next?
More uncertainty looms for the U.S. stock market, with some economists warning of a possible recession by the end of the year.
