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.
I know you said 2020, which was the year Brexit occurred, but I think many people thinking of 2020 would think of the pandemic. The thing is, though, that Brexit is the example from 2020, because just like our current situation, the conservative politicians lied that they were going to help the average person. Then, they convinced the UK to leave the EU, which tanked the British economy.
The average person suffered. Small businesses went bankrupt. Meanwhile, the ultra wealthy used the time to purchase whatever they wanted at cheap prices, predicting that eventually the economy would recover. They were fine because of their vast resources, so this gives them the chance to steal all of the future profits from people of lower classes.
Ultra wealthy people become ultra wealthy by stealing money from other people. Their employees bring much, much more value than they are compensated. They receive government subsidies which are largely funded by average people. And this is just one more example. They intentionally tank the economy so that they can steal from people who get into short term binds. They steal all of their future profits.