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.

  • pelespirit@sh.itjust.works
    202·
    22 hours ago

    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.

    • Ledivin@lemmy.world
      19·
      21 hours ago

      …did billions disappear, or are they just paying a lot of money to own an entire country? Short-term cost for long-term gain.

      • Lit@lemmy.world
        21·
        16 hours ago

        It is just on paper, stock prices. They don’t really lose anything.

    • Lit@lemmy.world
      5·
      16 hours ago

      it is nothing unless the stock price drop so low that it hit their bank loans,

    • ceenote@lemmy.world
      10·
      20 hours ago

      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.

    • ahornsirup@feddit.org
      9·
      22 hours ago

      They almost certainly expected it. That’s why they’ve tried to cosy up to him, to get exemptions for their businesses.

      • pelespirit@sh.itjust.works
        81·
        21 hours ago

        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.