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