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.

  • 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·
      22 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.