Trump’s Richest Supporters Are Losing Big — All Thanks to His Trade Tariffs
When you bet big in politics, you hope for a good return. But for these ten mega-donors who backed Donald Trump with millions in campaign support, the payoff hasn’t exactly gone as planned. Since “Liberation Day” — when Trump returned to office — the markets have spoken, and the losses are stacking up.
Let’s take a closer look at who gave what, how much they’re worth, and how Trump’s global trade war is shaking their fortunes.
1. Elon Musk
Donated: $359 million
Net Worth: $378 billion
Losses After Liberation Day: Estimated $8.7 billion
Tesla surged 70% from the election to Inauguration Day. But since then? It’s given up 91% of those gains. On the day Trump announced a global trade war, Tesla shares sank 5%.
Musk’s company may be based in the U.S., but it relies on an intricate web of global suppliers. His previous strategy of diversifying production in China and Germany helped avoid tariffs—until now.
2. Miriam Adelson & Family
Donated: $111 million
Net Worth: $28.8 billion
Losses After Liberation Day: Estimated $1 billion
The late Sheldon Adelson’s legacy, Las Vegas Sands, now focuses almost entirely on Asia—Macao and Singapore to be exact. Not great timing, considering Trump’s tariff hammer is slamming Asian economies.
The company dropped 7% in a day. Even a potential U.S. comeback, like building a casino in Long Island, won’t be enough to stem the tide for now.
3. Richard & Elizabeth Uihlein
Donated: $93 million
Net Worth: $11.8 billion
Losses After Liberation Day: Estimated $480 million
The Uihleins run Uline, a major supplier of industrial packaging and supplies. While some goods are made in the U.S., much of what they sell comes from abroad.
After COVID supply chain nightmares and now Trump’s trade blitz, Liz Uihlein was blunt: “This century belongs to the Chinese” if America can’t fix its trade policy.
4. Diane Hendricks
Donated: $26 million
Net Worth: $21.9 billion
Losses After Liberation Day: Estimated $650 million
Hendricks owns ABC Supply, one of America’s largest building material distributors. Tariffs have already pushed up supplier prices—and now customers are pulling back.
The company is feeling the squeeze, and so is her bottom line.
5. Isaac & Laura Perlmutter
Donated: $25 million
Net Worth: $4.7 billion
Losses After Liberation Day: Unknown
Isaac, the former chair of Marvel Entertainment, sold his Disney stock just in time. Disney’s shares dropped 9% on Thursday alone.
If he moved his money into a broad-market index, he’s still down—but not as badly. Roughly 5%, or around $240 million.
6. Linda McMahon
Donated: $20 million
Net Worth: $3.1 billion
Losses After Liberation Day: Estimated $65 million
Now serving as Trump’s Secretary of Education, McMahon and her husband Vince (yes, that Vince) still hold millions of shares in TKO Group, parent of WWE and UFC.
TKO’s global fanbase is a blessing and a curse—tariffs and economic uncertainty abroad sent shares down 5%, worse than the broader market.
7. Kelcy Warren
Donated: $13 million
Net Worth: $7.2 billion
Losses After Liberation Day: Estimated $360 million
Warren’s company, Energy Transfer, thrived under Trump 1.0 (hello, Dakota Access Pipeline). But now? Tariffs on raw materials like steel threaten the fossil fuel industry.
As uncertainty grows, ET stock dropped 6%, taking a chunk out of Warren’s fortune.
8. Howard Lutnick & Family
Donated: $11 million
Net Worth: $3.1 billion
Losses After Liberation Day: Estimated $270 million
Lutnick publicly defended Trump’s trade stance, but his own firms are feeling the pinch. BGC Group, his brokerage, fell 5.5%. His real estate arm dropped 9%.
Privately held Cantor Fitzgerald? Not publicly traded, but competitors lost over 10%—suggesting Lutnick may be down even more than reported.
9. Anthony Pratt
Donated: $10 million
Net Worth: $8 billion
Losses After Liberation Day: Estimated $270 million
This Aussie-turned-American built a corrugated cardboard empire. He pledged $2 billion in U.S. investments back in Trump’s first term. But with foreign retaliation targeting American ag exports—many of Pratt’s biggest customers—his company is now boxed in.
10. Paul Singer
Donated: $8 million
Net Worth: $6.2 billion
Losses After Liberation Day: Unknown
Back in 2016, Singer warned that Trump’s trade ideas could spark a “global depression.” Later, he got on board—but market turmoil may prove him right.
Singer’s money is largely tied up in opaque hedge funds, so the full damage isn’t clear. But for anyone managing billions, selloffs like this are rarely good news.
Bottom Line:
Backing a president can bring influence—but not immunity. These billionaire donors wrote some of the biggest political checks in history. Now, they’re watching the markets chew through their portfolios—billions at a time.
