Tech Leaders Who Backed Trump Have Lost $1.8 Trillion. Tariffs Described As 'Armageddon' For The Sector

• Tech companies like Amazon, Meta, Google, Tesla, and Apple gave millions of dollars to Trump during his campaign and for his inauguration
• Now the businesses have lost a collective $1.8 trillion, thanks to reciprocal tariffs
• 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 APPL, Meta META, Google, Tesla TSLA, and Amazon 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.

Following the market rebound on April 9, Meta CEO Mark Zuckerberg's net worth had gone down by $14.9 billion, according to the Bloomberg list. This is a significant bounceback from the initial $26.5 billion loss that CNN reported the day before. His shrinking fortune still pales in comparison to the 2.25% loss in Meta's stock prices, which has caused a $35.8 billion decrease in the company's valuation. 

Amazon Executive Chairman Jeff Bezos has seen a $33.3 billion decline in his net worth, according to Bloomberg, while CNN reports that his company experienced a 13% share price drop since the start of the year, which translates to a $316.8 billion loss in value.

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And while Google CEO Sundar Pichai and Apple CEO Tim Cook have seen their personal fortunes take less of a hit, their companies have not profited from their association with Trump the way they may have hoped. Google donated $1 million to Trump's inauguration fund, but has seen tariffs contribute to a 16.2% drop in its stock prices and a $386.7 billion decline in its valuation, according to CNN. And Apple, having pledged a $500 billion investment in U.S. facilities, has taken an especially big hit, with stock prices hitting a low of 18.5% down from the start of the year, and total valuation declining by $684 billion.

During Trump's first term in office, many big companies like Amazon, Apple, Google, Meta, and Tesla successfully lobbied for exemptions from Trump's tariffs. But this time around, things appear less certain for the tech giants. "The magnitude of reciprocal tariffs levied by the U.S. poses profound financial risks to the technology industry and its extensive supply chain," Moody's Ratings wrote in a note on April 8. "We believe no tech industry subsector will go unharmed." 

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