Tech CEOs who grinned behind Trump at inauguration lose billions in wake of tariffs
Tech CEOs who grinned behind Trump at inauguration lose billions in wake of tariffs
Tech executives had argued that backing Trump might improve U.S. regulatory reform and expand investments in AI
Summary
Tech moguls who supported Donald Trump—including Elon Musk, Jeff Bezos, and Mark Zuckerberg—lost billions after his “Liberation Day” tariff announcement triggered historic market losses. Standing behind Trump at his inauguration, they had backed his deregulation promises.
Meta dropped 8.96%, Amazon 8.98%, Apple over 9%, and Tesla 5.47%, wiping $208B from global billionaire wealth. Musk lost $8.7B, Bezos $16B, Zuckerberg $17.9B.
Despite their support, their companies face price hikes and AI infrastructure risks.
China’s 34% retaliatory tariffs intensify fears of a looming recession.
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They knew this was going to happen. They'll be fine. It's their workers and smaller competitors that won't be fine.
Idk, someone that makes their workers pee in bottles to save a couple of bucks probably cares about billions disappearing. I'm not sure they knew this was going to happen. I hope they see how trump is going to treat them like Putin treats his oligarchs soon.
...did billions disappear, or are they just paying a lot of money to own an entire country? Short-term cost for long-term gain.
It is just on paper, stock prices. They don't really lose anything.
He can weather some billions disappearing, buy up the assets of the people who couldn't weather it, and emerge even wealthier on the rebound.
That's the catch: there is no rebound with these buffoons at the helm.
it is nothing unless the stock price drop so low that it hit their bank loans,
They almost certainly expected it. That's why they've tried to cosy up to him, to get exemptions for their businesses.
I really don't think they expected tariffs this bad, if at all. Amazon depends a shit ton on crap from China. Musk too. Their businesses weren't exempted from these tariffs.