2d ago

Tech CEOs who grinned behind Trump at inauguration lose billions in wake of tariffs

www.independent.co.uk

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.

United States | News & Politics @lemmy.ml

geneva_convenience @lemmy.ml

2d ago

Tech CEOs who grinned behind Trump at inauguration lose billions in wake of tariffs

www.independent.co.uk /news/world/americas/us-politics/trump-tariff-bezos-musk-zuckerberg-b2727147.html

United States | News & Politics @midwest.social

BrikoX @lemmy.zip

3d ago

Tech CEOs who grinned behind Trump at inauguration lose billions in wake of tariffs

www.independent.co.uk /news/world/americas/us-politics/trump-tariff-bezos-musk-zuckerberg-b2727147.html

29 comments

This is like saying a gambler at a casino lost $10,000
That's a lot of money to you and me
That means nothing to a rich man with millions.
Sure they lost billions .... but they still have billions more.
They want the US to fracture and break because they'll be able to buy the remnants for nothing to start their own kingdoms.
- 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.
- In one sense, yes, you're right.
  But I don't think you're taking how broken the billionaire psyche is into account. The reason they fight to get so much more than they already have, in addition already having more than many countries even need, is because to them it's not money anymore. It's a scoreboard telling them who's winning and who's not. Anything that causes them to move down the scoreboard, despite literally not affecting their lives at all, freaks them out.
  It's why they buy off Congress to pay fewer and fewer taxes. Even though their lifestyles would be unaffected by more taxes, they can't tolerate someone else being richer than them.
  
  That's in the system we're used to. They're banking on now taking over the entire fucking thing. Losing some fake money to gain all of the real power is definitely what they're lining up for.

29 comments