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BumRushDaShow

(150,739 posts) Fri Apr 4, 2025, 07:05 AM Apr 4

Tech moguls who grinned behind Trump at inauguration lose billions in wake of his tariffs announcement [View all]

Source: The Independent

Friday 04 April 2025 00:15 BST

Tech billionaires whose companies donated millions of dollars to Donald Trump lost billions of dollars on Thursday, as the stock market plunged in reaction to his sweeping “Liberation Day” agenda of worldwide tariffs.

As of 6:30pm Eastern time, 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’s marquee companies also felt the pain, with Tesla sliding 5.47 percent and X down 8.14 percent.

As a result of the sell-off, Meta’s Mark Zuckerberg personally lost $17.9 billion, while Amazon founder Jeff Bezos’s wealth declined $16 billion and Musk was down $8.7 billion, according to an analysis from Forbes. All told, the market plunge wiped away $208 billion from the world’s richest 500 people, per the Bloomberg Billionaire’s Index, the fourth largest one-day decline in the tracker’s 13-year history.

Treasury Secretary Scott Bessent said Wednesday a market decline was a sign of investors correcting for months of AI hype and over-priced tech stocks, calling it a “Mag 7 problem, not a MAGA problem,” a reference to the “Magnificent Seven” tech stocks Apple, Amazon, Tesla, Alphabet, Microsoft, Meta and chip-maker Nvidia.

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

a “Mag 7 problem, not a MAGA problem,”

So he just bit the hand that fed him and threw them right under the bus.

48 replies

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Tech moguls who grinned behind Trump at inauguration lose billions in wake of his tariffs announcement [View all] BumRushDaShow Apr 4 OP

"a Mag 7 problem" - and yet, the Russell 2000 index of smaller companies is the first to enter bear territory muriel_volestrangler Apr 4 #1

Never thought BumRushDaShow Apr 4 #2

Bessent is an idiot. lonely bird Apr 4 #8

I'm sure his threats to other countries not to retaliate went over well. Lonestarblue Apr 4 #13

Billionaires can stand to lose 98.5% of their wealth mdbl Apr 4 #3

Although at that level of wealth BumRushDaShow Apr 4 #4

Biggest turds are the last down the bowl... MiHale Apr 4 #6

Yep...I'll guarantee the $22M that Musk blew on the Wisconsin election is eating Bengus81 Apr 4 #14

If he's too bothered by it radical noodle Apr 4 #28

Funny though...he seems to have disappeared since that Wisconsin election Bengus81 Apr 4 #35

He's certainly be more quiet radical noodle Apr 4 #42

Yep mountain grammy Apr 4 #40

They're getting richer WmChris Apr 4 #15

An interesting unintended consequence Deminpenn Apr 4 #5

Actually that is an interesting thought BumRushDaShow Apr 4 #9

Amazon apparently sells a lot Deminpenn Apr 4 #25

But they are not just selling here BumRushDaShow Apr 4 #26

Sears was once in Amazon's position Deminpenn Apr 4 #41

Sears squandered the perfect opportunity to take their "mail order" model BumRushDaShow Apr 4 #43

Chinese sellers are propping up half of Amazon's US sales GenThePerservering Apr 4 #46

Won't happen lonely bird Apr 4 #30

Good orangecrush Apr 4 #7

Get back to me mountain grammy Apr 4 #10

"or selling apples on street corners." BumRushDaShow Apr 4 #11

Good point mountain grammy Apr 4 #20

We are getting all those Galas, McIntosh, Fujis, etc., shipped in from Chile this time of year BumRushDaShow Apr 4 #21

So he just bit the hand that fed him and threw them right under the bus. MLWR Apr 4 #12

They didn't particularly care about him either BumRushDaShow Apr 4 #17

Good. mwmisses4289 Apr 4 #16

10, 20, 30 billion? Layzeebeaver Apr 4 #18

Oh they care BumRushDaShow Apr 4 #19

These tech billionaires were never the geniuses the press made them out to be. Crowman2009 Apr 4 #22

Seems many of them are limited savants and/or socially inept Attilatheblond Apr 4 #24

It's OK. He likely doesn't like them any more than he likes us. He's good with them losing money he doesn't get. Attilatheblond Apr 4 #23

They probably hope to get something from him in return IronLionZion Apr 4 #27

Bezos lost the free packaging that all of us were paying for his company wolfie001 Apr 4 #31

Tariffs will create lots more coffee growing jobs in the US IronLionZion Apr 4 #32

There were some small farms in So. Cal. I believe wolfie001 Apr 4 #33

Hawaii and Puerto Rico grow coffee IronLionZion Apr 4 #34

That's right! Kona! wolfie001 Apr 4 #38

Or you can grow your own coffee arabica plant BumRushDaShow Apr 4 #39

That's so awesome! nt wolfie001 Apr 4 #45

Zuck the F_ck was too busy staring at Bezos' plastic wife to even notice wolfie001 Apr 4 #29

So is the dude looking over her shoulder! nt GenThePerservering Apr 4 #47

She caused quite the "stir" wolfie001 Apr 5 #48

Screw them. republianmushroom Apr 4 #36

Oh noes! They forgot to read the Project 2025 manifesto that was distributed on their websites FakeNoose Apr 4 #37

Paper losses Miguelito Loveless Apr 4 #44