In This Article:
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Tech companies like Amazon, Meta, Google, Tesla, and Apple gave millions of dollars to Trump during his campaign and for his inauguration
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Now the businesses have lost a collective $1.8 trillion, thanks to reciprocal tariffs
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Wedbush's Dan Ives called the levies an "economic armageddon" for the tech sector
Several Silicon Valley leaders were among President Donald Trump's biggest supporters during the election and his inauguration. Now, they're seeing their wallets take a major hit thanks to his policies.
Apple (NASDAQ:APPL), Meta (NASDAQ:META), Google, Tesla (NASDAQ:TSLA), and Amazon (NASDAQ:AMZN) gave millions of dollars to Trump's reelection campaign and inauguration fund. But CNN now reports that as of April 9, the companies have lost a combined $1.8 trillion due to tariffs.
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Throughout his campaign, Trump talked about how eager he was to grow the tech industry and cement America as a leader in AI. So it follows that the country's tech giants would want to hitch their trains to Trump's. But with tariffs targeting supply chains and manufacturing hubs across Asia, those once-hoped-for business benefits have failed to materialize. In their place are substantial monetary losses for both the companies and their respective CEOs and founders.
Investment bank UBS now estimates that tech earnings as a whole could shrink by as much as 19%, according to a daily update it released on April 5. Wedbush Securities analyst Dan Ives called Trump's tariff policies an "economic armageddon" for the sector in an April 3 interview on CNBC.
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But what do those losses look like for the individual companies and the billionaires behind them? According to CNN, Elon Musk has been hit the hardest. On April 12, the Bloomberg Billionaires Index showed that the Tesla CEO and Department of Government Efficiency de facto leader's personal net worth had dropped by $121 billion since the start of the year. And CNN writes that as of the market close on April 9, Tesla shares were down by 28% and its market capitalization had dropped by $376.6 billion.