'Karma comes a knockin': Tech bros suffer huge losses from Trump’s policies — but it may be by design

04 April

Commerce Secretary Howard Lutnick, trade adviser Peter Navarro and other cheerleaders for President Donald Trump's steep new tariffs are arguing that while businesses and consumers can expect short-term pain economically, they will thank Trump in the long run when the U.S. economy booms and the U.S. enjoys a manufacturing boom. That talking point is being used extensively by MAGA Republicans, including tech bros. And some of those tech bros themselves are experiencing major losses thanks to Trump's tariffs.

Newsweek's Shane Croucher reports that a top Trump ally, Tesla/SpaceX leader Elon Musk, "saw around $11 billion shaved off his wealth in the stock market" after Trump announced his specific tariff plans on Thursday, April 3. The London-based Croucher notes, however, that "two other billionaires" in the tech sector "suffered even greater losses than Musk: Amazon's executive chairman Jeff Bezos and Meta CEO Mark Zuckerberg."

Meta is the parent company of Facebook and Instagram.

"Bezos lost $15.9 billion from his personal wealth after the tariffs announcement as Amazon shares slid sharply, the data showed," Croucher reports. "Zuckerberg topped the list of the biggest losers by dollars, down $17.9 billion as Meta shares took a hit in the sell-off."

However, Musk — a relentless cheerleader for Trump's economic policies — may view that $11 billion loss as a price he needs to pay if he believes the tariffs will increase his profits and his acquisitions down the road.

The losses that Musk, Zuckerberg and other tech CEOs are experiencing because of Trump's tariffs are receiving a great deal of attention on the Musk-owned X.com, formerly Twitter.

X user Art Candee commented, "Elon Musk has lost $110 billion so far this year as a result of Tesla stock tanking. Including $11 billion just today because of Donald Trump's tariffs. Couldn't have happened to a more deserving guy!"

Radio host Nicky Horne tweeted, "BREAKING: The world’s economy…… Mark Zuckerberg was the biggest loser costing its chief executive $17.9bn, Jeff Bezos lost $15.9bn in personal wealth, as Amazon plunged 9% . Elon Musk lost $11bn, his losses this year to $110bn.' When Karma comes a knockin'."

Photographer/filmmaker Stephen McKenna, in response to Horne, posted, "But with their vast wealth, just think of all the shorted stock they're hoovering up at the moment. One can't help but feel it is all part of the plan."

X user Chris Hoffmann noted, "He lost $11B. Of course he can write off losses. Just like anyone who buys a stock and sells it at a loss can."

X user Lew Anno pointed out that Musk's losses have been ongoing during Trump's second presidency, and that his first losses were the ones that occurred on April 3.

Anno wrote, "Elon Musk Loses Billions! Thanks to Trump. Elon Musk has lost $121.5 billion, and Donald Trump’s economic policies are directly responsible.

Read Newsweek's full article at this link.

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