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.

  • thanks AV@lemmy.world
    12·
    22 hours ago

    Thank you! This reporting is dogshit. Those oligarchs are experiencing paper losses of like 5% of their net worth, which is HUNDREDS OF BILLIONS OF DOLLARS.

    None of this is a loss, this is WHY they paid millions to trump. They arent fucking morons who didn’t believe project 2025 was real. They cosigned it and are getting the returns now.

    American labor is completely defenseless and soon to be wholly devalued but don’t worry, Jeff bozos is 1% less wealthy thanks to the failing market that 10 million people were relying on to retire soon.

    Haha take that oligarchs, now we all have to work for you until we die while having no means of escape.

    The news media is just fattening pigs for slaughter at this point.