Big Tech's support for Trump backfires as market plunges, wiping out billions from Zuckerberg, Bezos, and Musk. The fallout and the future of AI are in question.
Tech billionaires who donated millions to Donald Trump saw their fortunes plummet after a stock market crash triggered by his "Liberation Day" agenda. Meta, Amazon, Google, and Apple stocks all experienced significant drops, resulting in massive losses for Mark Zuckerberg ($17.9 billion), Jeff Bezos ($16 billion), and Elon Musk ($8.7 billion). The overall market decline wiped away $208 billion from the world's richest 500 people. While Treasury Secretary Scott Bessent attributed the decline to correcting overvalued tech stocks, the event highlights the risk of aligning with a volatile political figure. The article details the tech CEOs' pre-election optimism about Trump's deregulation and AI support, contrasting it with the current uncertainty. The Trump administration's mixed response to tech companies, including support for a large AI infrastructure investment and opposition to foreign regulation, is also discussed. The potential impact of a recession and the need for substantial energy investments to support AI development are presented as key concerns.
