As President Donald Trump marks 100 days in office, four tech giants who backed his second term have seen their fortunes and their companies’ stock values take a hit.
What Happened: Tesla TSLA CEO Elon Musk, Amazon AMZN Founder Jeff Bezos, Meta META CEO Mark Zuckerberg, and Nvidia CEO NVDA Jensen Huang who have donated or attended Trump’s inauguration have collectively lost nearly $195 billion since Jan. 20, as per Bloomberg Billionaire Index.
Musk, serves as an advisor to the Trump administration, has experienced the most significant wealth decline of $114 billion, despite remaining the world’s richest person. After protests targeting Tesla Inc. Musk announced last week that he will scale back his involvement with the White House DOGE office in May. Tesla shares have fallen nearly 25% this year after underwhelming quarterly earnings.
Bezos's fortune—mostly linked to his Amazon Inc shares—has dropped $36 billion since January 20. Analysts say Amazon is especially exposed to Trump's trade war and the 145% tariff on China due to the high volume of Chinese goods sold on its platform.
Zuckerberg's fortune, tied to Meta Platforms, is under pressure as the company faces a government antitrust lawsuit. At the same time, Huang's wealth—largely based on Nvidia Corporation stock—has taken a hit since his appearance at the inauguration. Nvidia shares are down over 21% year to date, and the company expects a $5.5 billion blow to first-quarter earnings due to Trump's restrictions on chip exports to China.
The news was first reported by Business Insider.
Why It Matters: Trump’s reciprocal tariffs have threatened to undermine billion-dollar AI infrastructure projects being spearheaded by leading tech companies. These tariffs have been described as ‘Armageddon’ for the sector, with tech leaders who backed Trump losing a combined $1.8 trillion due to tariffs by April 18.
Furthermore, the European Commission president Ursula von der Leyen warned that big U.S. tech firms could end up paying up if Trump tariff talks collapse, EU threatened additional taxes on American tech giants amid ongoing trade war.
Meanwhile, according to a CNN poll, Donald Trump’s 41% approval rating is the lowest of any newly elected president at the 100-day mark since Dwight Eisenhower — even lower than during Trump's first term.
Vanguard Information Technology Index Fund ETF VGT declined 12.2% year-to-date while SPDR NYSE Technology ETF XNTK lost 3.56%.
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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