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.

  • WhatAmLemmy@lemmy.worldEnglish
    3·
    21 hours ago

    You think billionaires care about a rounding error? They’re still rich enough to buy most governments, and the mere concept of not being able to afford islands, mansions on every continent, and a private jet to fly between them is still non-existent.

    It’s the bottom 99% who have to worry.