Only one American billionaire made money this year despite Trump’s tariffs; it’s not Musk, Bezos or Zuckerberg

However, one American billionaire in the top 20 wealthiest stands out as an exception: Warren Buffett. Despite the market turmoil triggered by Trump’s tariffs, the Berkshire Hathaway CEO saw his net worth rise by nearly $12 billion in 2025. He did, however, experience a $2.57 billion loss during the two-day market slump.

How did Warren Buffett manage to make money?

CNBC reported that Buffett used a “cautious approach” to build a record cash reserve of $334 billion by the end of 2024.

In his February 22 letter to shareholders, Buffett, the world’s fourth-wealthiest person, explained that he hadn’t invested the money because “nothing looks compelling.”

As a result, Berkshire Hathaway’s stock rose in 2025, up more than 11% since the beginning of the year. Despite a 6.5% drop since April 2, the company’s performance remains relatively strong.

According to CNBC Pro, some investors now see Berkshire Hathaway as a safe haven amid market volatility.

Did Buffett endorse Trump’s tariffs?

Two days after the tariff announcement, Trump posted a video on Truth Social falsely claiming that Buffett had praised his recent economic policies. However, Buffett denied making any such endorsement.

Berkshire Hathaway issued a statement clarifying the situation: “There are reports currently circulating on social media (including Twitter, Facebook and Tik Tok) regarding comments allegedly made by Warren E. Buffett. All such reports are false.”