President Donald Trump's net worth has taken a hit — by the hundreds of millions — following his tariff announcement last week, Forbes reported Tuesday.
Forbes senior editor Dan Alexander estimated the loss at about $500 million, down to $4.2 billion from $4.7 billion on April 2.
"Trump’s biggest loss comes from his most valuable asset, the Trump Media and Technology Group, which declined 8% over the last three trading days, hitting its lowest price since October," Alexander wrote. "His stake, worth $2.2 billion Wednesday, now sits at $2 billion."
Also losing value are Trump’s commercial real estate holdings, residential real estate, and golf courses.
"The real threat to Trump’s portfolio, however, is the possibility of belt tightening," Alexander wrote. "Club members might cut back on weddings, lavish dining or even memberships."
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Alexander quoted an industry insider saying, “If you hit a recession, your wife looks over at you and says ‘What the [heck] are we doing with this expensive club membership?’"
Alexander wrote that Trump has lost more from privately held assets than from his publicly traded stock.
"The greatest threat to Trump is not direct tariffs on products he imports, given that his businesses don’t sell much in the way of hard goods," according to Forbes. "It’s the loss of investor confidence around the world. People rely on whims, not logic, when deciding whether to buy or ditch luxury real estate, pricy club memberships and high-flying meme stocks."
Forbes estimated that Elon Musk has seen his net worth decline "below $300 billion for the first time since November 2024," following the Trump tariff announcement. Over the weekend, Musk broke from White House policy, posting a video on X in which he lamented high tariffs and called for "a zero tariff situation."
Musk and Trump trade adviser Peter Navarro, an architect of Trump's trade plan, publicly traded more insults on Tuesday, even before the Dow Jones Industrial Average closed down 300 points.