The trade war initiated by United States (US) President Donald Trump has caused significant losses for billionaires. The world’s richest businessman, Elon Musk, lost $135 billion this year. The only person to profit from the crisis was Warren Buffett.

The trade war hit billionaires hard, with Elon Musk suffering the most significant losses. The global economy’s agenda is centered around the additional import tariffs introduced by US President Donald Trump. As the markets experience sharp selling pressure, billionaires are also impacted.

Elon Musk, holding the title of the world’s richest businessman, lost $135 billion this year. The primary reason for the loss was the decline in Tesla shares. Musk’s wealth dipped below $300 billion for the first time since November. According to the Bloomberg Billionaires Index, Musk still leads the wealth list with $297.8 billion. Amazon’s founder, Jeff Bezos, lost $42.6 billion this year. Meanwhile, Meta CEO Mark Zuckerberg’s wealth decreased by $24.5 billion. The only person among the richest individuals who increased their wealth was Warren Buffett. Despite market turmoil, he reported a gain of $11.5 billion in 2025. Buffett, also known as the Oracle of Omaha, is said to have sold shares before the sharp decline on Wall Street, hence avoiding significant losses. This move has earned him the title of the world’s fourth richest person.