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BumRushDaShow

(165,157 posts)
Fri Apr 4, 2025, 06:05 AM Apr 2025

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

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 = new reply since forum marked as read
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Tech moguls who grinned behind Trump at inauguration lose billions in wake of his tariffs announcement (Original Post) BumRushDaShow Apr 2025 OP
"a Mag 7 problem" - and yet, the Russell 2000 index of smaller companies is the first to enter bear territory muriel_volestrangler Apr 2025 #1
Never thought BumRushDaShow Apr 2025 #2
Bessent is an idiot. lonely bird Apr 2025 #8
I'm sure his threats to other countries not to retaliate went over well. Lonestarblue Apr 2025 #13
Billionaires can stand to lose 98.5% of their wealth mdbl Apr 2025 #3
Although at that level of wealth BumRushDaShow Apr 2025 #4
Biggest turds are the last down the bowl... MiHale Apr 2025 #6
Yep...I'll guarantee the $22M that Musk blew on the Wisconsin election is eating Bengus81 Apr 2025 #14
If he's too bothered by it radical noodle Apr 2025 #28
Funny though...he seems to have disappeared since that Wisconsin election Bengus81 Apr 2025 #35
He's certainly be more quiet radical noodle Apr 2025 #42
Yep mountain grammy Apr 2025 #40
They're getting richer WmChris Apr 2025 #15
An interesting unintended consequence Deminpenn Apr 2025 #5
Actually that is an interesting thought BumRushDaShow Apr 2025 #9
Amazon apparently sells a lot Deminpenn Apr 2025 #25
But they are not just selling here BumRushDaShow Apr 2025 #26
Sears was once in Amazon's position Deminpenn Apr 2025 #41
Sears squandered the perfect opportunity to take their "mail order" model BumRushDaShow Apr 2025 #43
Chinese sellers are propping up half of Amazon's US sales GenThePerservering Apr 2025 #46
Won't happen lonely bird Apr 2025 #30
Good orangecrush Apr 2025 #7
Get back to me mountain grammy Apr 2025 #10
"or selling apples on street corners." BumRushDaShow Apr 2025 #11
Good point mountain grammy Apr 2025 #20
We are getting all those Galas, McIntosh, Fujis, etc., shipped in from Chile this time of year BumRushDaShow Apr 2025 #21
So he just bit the hand that fed him and threw them right under the bus. MLWR Apr 2025 #12
They didn't particularly care about him either BumRushDaShow Apr 2025 #17
Good. mwmisses4289 Apr 2025 #16
10, 20, 30 billion? Layzeebeaver Apr 2025 #18
Oh they care BumRushDaShow Apr 2025 #19
These tech billionaires were never the geniuses the press made them out to be. Crowman2009 Apr 2025 #22
Seems many of them are limited savants and/or socially inept Attilatheblond Apr 2025 #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 2025 #23
They probably hope to get something from him in return IronLionZion Apr 2025 #27
Bezos lost the free packaging that all of us were paying for his company wolfie001 Apr 2025 #31
Tariffs will create lots more coffee growing jobs in the US IronLionZion Apr 2025 #32
There were some small farms in So. Cal. I believe wolfie001 Apr 2025 #33
Hawaii and Puerto Rico grow coffee IronLionZion Apr 2025 #34
That's right! Kona! wolfie001 Apr 2025 #38
Or you can grow your own coffee arabica plant BumRushDaShow Apr 2025 #39
That's so awesome! nt wolfie001 Apr 2025 #45
Zuck the F_ck was too busy staring at Bezos' plastic wife to even notice wolfie001 Apr 2025 #29
So is the dude looking over her shoulder! nt GenThePerservering Apr 2025 #47
She caused quite the "stir" wolfie001 Apr 2025 #48
Screw them. republianmushroom Apr 2025 #36
Oh noes! They forgot to read the Project 2025 manifesto that was distributed on their websites FakeNoose Apr 2025 #37
Paper losses Miguelito Loveless Apr 2025 #44

muriel_volestrangler

(105,496 posts)
1. "a Mag 7 problem" - and yet, the Russell 2000 index of smaller companies is the first to enter bear territory
Fri Apr 4, 2025, 06:13 AM
Apr 2025
https://www.democraticunderground.com/1116100095

Bessent is willing to lie however many times it takes to make Trump look better.

BumRushDaShow

(165,157 posts)
2. Never thought
Fri Apr 4, 2025, 06:34 AM
Apr 2025

we'd get to the point of having someone worse than Paulson and Mnuchin but here we are.

Lonestarblue

(13,195 posts)
13. I'm sure his threats to other countries not to retaliate went over well.
Fri Apr 4, 2025, 08:01 AM
Apr 2025

He’ll be ignored just like all the other incompetent jerks in this administration.

mdbl

(8,020 posts)
3. Billionaires can stand to lose 98.5% of their wealth
Fri Apr 4, 2025, 06:43 AM
Apr 2025

and still will be wealthy. They don't give a shit.

BumRushDaShow

(165,157 posts)
4. Although at that level of wealth
Fri Apr 4, 2025, 06:49 AM
Apr 2025

a lot of their "self worth" is based on their "financial worth", and they can be snubbed out of certain circles when they start dropping down the Forbes list.

Bengus81

(9,754 posts)
14. Yep...I'll guarantee the $22M that Musk blew on the Wisconsin election is eating
Fri Apr 4, 2025, 08:02 AM
Apr 2025

on him. People like to think the rich don't care if they lose money. Ha...it eats them alive,more so than the rest of us. If they didn't care then they wouldn't want to kill off every social program in Government just to line their pockets with more cash.

radical noodle

(10,467 posts)
28. If he's too bothered by it
Fri Apr 4, 2025, 09:04 AM
Apr 2025

he can always jump out a window. It would be the most popular thing he's done in a very long time.

Bengus81

(9,754 posts)
35. Funny though...he seems to have disappeared since that Wisconsin election
Fri Apr 4, 2025, 09:56 AM
Apr 2025

or am I missing something?

WmChris

(592 posts)
15. They're getting richer
Fri Apr 4, 2025, 08:07 AM
Apr 2025

Now that markets are crashed they will cash in on fire sale prices and ride it out until the market comes back.

Deminpenn

(17,277 posts)
5. An interesting unintended consequence
Fri Apr 4, 2025, 07:28 AM
Apr 2025

would be if these tariffs help put Amazon on the road to ruin.

While I personally don't think either Apple or Microsoft are evil tech, the others certainly qualify. It won't bother me at all if the other companies go the way of the dinosaurs.

BumRushDaShow

(165,157 posts)
9. Actually that is an interesting thought
Fri Apr 4, 2025, 07:43 AM
Apr 2025

especially since other governments are far more heavy-handed when dealing with entities like Amazon (and Meta and Alphabet, etc) compared to us looking the other way.

Deminpenn

(17,277 posts)
25. Amazon apparently sells a lot
Fri Apr 4, 2025, 08:35 AM
Apr 2025

of stuff made in China to keep their prices low or at least to initially attract customers. If those prices rise, they could lose business. There are a ton of marketplaces now, you don't have to rely on Amazon, but people get hooked on convenience.

Google ads are a big reason for the shrinking number of newspapers. They can't compete with the low rates google offers advertisers

BumRushDaShow

(165,157 posts)
26. But they are not just selling here
Fri Apr 4, 2025, 08:49 AM
Apr 2025

but also globally. They have a presence in Canada, the UK, etc. So those countries might have some retaliatory leverage over Amazon, which is an American company, and could restrict them (or at least make their life more miserable). I expect China might muscle in with some incentives to those other countries too.

BumRushDaShow

(165,157 posts)
43. Sears squandered the perfect opportunity to take their "mail order" model
Fri Apr 4, 2025, 02:17 PM
Apr 2025

and modernize it. I think QVC (and other "TV home shopping" companies) are going through that now.

GenThePerservering

(3,146 posts)
46. Chinese sellers are propping up half of Amazon's US sales
Fri Apr 4, 2025, 10:51 PM
Apr 2025

the tariffs will definitely affect that, but Amazon makes most of its money with web services.

BumRushDaShow

(165,157 posts)
11. "or selling apples on street corners."
Fri Apr 4, 2025, 07:54 AM
Apr 2025

This time of year, they would probably be imported, so would cost more due to the import tariffs!

BumRushDaShow

(165,157 posts)
21. We are getting all those Galas, McIntosh, Fujis, etc., shipped in from Chile this time of year
Fri Apr 4, 2025, 08:28 AM
Apr 2025

and they are now under a 10% tariff.

(I bought a Gala yesterday for my oatmeal batch for next week)

MLWR

(746 posts)
12. So he just bit the hand that fed him and threw them right under the bus.
Fri Apr 4, 2025, 07:58 AM
Apr 2025

And they still don't get it: trump cares ONLY about trump. No one else matters to him in the least: "I don't care about you; I just want your vote." That was meant for everyone.

BumRushDaShow

(165,157 posts)
17. They didn't particularly care about him either
Fri Apr 4, 2025, 08:11 AM
Apr 2025

But as natural "opportunists", they have been using HIM for their agenda. But they keep forgetting that he is an unstable and untameable "wild card".

mwmisses4289

(3,092 posts)
16. Good.
Fri Apr 4, 2025, 08:09 AM
Apr 2025

Edited to add:

Were they coerced? Did they believe its lies? Did they close their eyes? So many of us saw this coming when it was elected, but I guess their greed overrode any modicum of sense they had left.

Layzeebeaver

(2,151 posts)
18. 10, 20, 30 billion?
Fri Apr 4, 2025, 08:13 AM
Apr 2025

That’s nothing be to these folks.

They play a long game. When stocks go low they just buy it all up and sit on it.

This is good for them.

BumRushDaShow

(165,157 posts)
19. Oh they care
Fri Apr 4, 2025, 08:22 AM
Apr 2025

because $$$ and getting/keeping more of it is their obsession. They have their own hierarchy within their circle and it is a measure of "success" or "failure", and whether they run their businesses "smart" or not.

Crowman2009

(3,392 posts)
22. These tech billionaires were never the geniuses the press made them out to be.
Fri Apr 4, 2025, 08:28 AM
Apr 2025

Now that they let the Orange Assclown into their lives, everything they accomplished will turn into shit.

Attilatheblond

(8,142 posts)
23. 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.
Fri Apr 4, 2025, 08:31 AM
Apr 2025

IronLionZion

(50,728 posts)
27. They probably hope to get something from him in return
Fri Apr 4, 2025, 09:01 AM
Apr 2025

like cloud and AI contracts in government.

wolfie001

(6,954 posts)
31. Bezos lost the free packaging that all of us were paying for his company
Fri Apr 4, 2025, 09:33 AM
Apr 2025

Indirectly through China. That's gonna bite. I have 64oz of coffee being delivered today at a great price. That may very well be my last chance at a great price.

wolfie001

(6,954 posts)
33. There were some small farms in So. Cal. I believe
Fri Apr 4, 2025, 09:41 AM
Apr 2025

Micro plots if you will. I'd Google it but I'm sure the cost is prohibitive. I always found the Jamaican Blue Mountain coffee was interesting. Just the right perfect conditions. I'm a coffee fiend but I have to watch my budget. Cheers

IronLionZion

(50,728 posts)
34. Hawaii and Puerto Rico grow coffee
Fri Apr 4, 2025, 09:55 AM
Apr 2025

Southern California is very small. Coffee growing needs a tropical climate. So Cal is very dry. Maybe we can try greenhouse growing.

BumRushDaShow

(165,157 posts)
39. Or you can grow your own coffee arabica plant
Fri Apr 4, 2025, 12:11 PM
Apr 2025

Last edited Fri Apr 4, 2025, 02:56 PM - Edit history (1)

I am!

I put it outside in summer (but let it grow under the shade of other plants).

(fixed the "upi" lack of being on the right home keys )

wolfie001

(6,954 posts)
29. Zuck the F_ck was too busy staring at Bezos' plastic wife to even notice
Fri Apr 4, 2025, 09:31 AM
Apr 2025

Last edited Fri Apr 4, 2025, 10:57 AM - Edit history (1)

FakeNoose

(39,999 posts)
37. Oh noes! They forgot to read the Project 2025 manifesto that was distributed on their websites
Fri Apr 4, 2025, 10:38 AM
Apr 2025

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