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Tech CEOs who grinned behind Trump at inauguration lose billions in wake of tariffs (www.independent.co.uk)

submitted 1 week ago by [email protected] to c/[email protected]

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Tech billionaires who cozied up to Donald Trump were some of the biggest losers - shedding billions in net worth and values of their companies - in Thursday’s stock market losses as Wall Street reacted to the president’s tariff plan.

Meta stock was down 8.96 percent, Amazon was down 8.98 percent, Google had fallen 3.92 percent, while Apple had plunged over 9 percent. White House adviser Elon Musk also felt the pain, with Tesla sliding 5.47 percent.

The losses came as Wall Street saw a historically bad day on Thursday after Trump announced his “Liberation Day” tariffs on nearly every U.S. trade partner. The Dow Jones saw a point drop that ranked in the top five worst of all time, while the NASDAQ suffered its largest one-day point drop in that market’s history. The S&P 500 also saw its biggest one-day drop since March 2020, amid the COVID-19 pandemic.

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[–] [email protected] 7 points 1 week ago (1 children)

Drop in valuation doesn't matter as much. It's the relative portions they have. If everyone is poor by 10%, poor people will lose a few (hundreds) dollars and they'll lose trillions. If they lose 5% and everyone else lost 20%, they're winning. They're richer than they were. Numbers might make it seem like they're worse. Don't buy into it.

[–] [email protected] 2 points 1 week ago

A lot of them would gladly go down to being mere millionaires if it meant that everyone else was living like medieval peasants.

[–] [email protected] 6 points 1 week ago

Apple "donated" $1 million to the rapist's inauguration, and thus far Apple's valuation has dropped by $300 billion.
The fascist lying coward in chief is quite the business genius.

[–] [email protected] 5 points 1 week ago

Sad Ha Ha

[–] [email protected] 2 points 1 week ago

Stock prices are a reactionary and misleading indicator about the efficacy of any given policy, and should certainly be ignored when evaluating the actual effect a tariff has.