politics @lemmy.worldEnglish · 16 hours ago

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

www.independent.co.uk

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

www.independent.co.uk

MicroWave@lemmy.world to

politics @lemmy.worldEnglish · 16 hours ago

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.

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jagged_circle@feddit.nl
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11 hours ago
Zoom out. They’ll profit immensely from this.

This is what an upward wealth transfer looks like.

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