r/technology • u/DontFearTheCreaper • 20h ago

Social Media Tech CEOs who grinned behind Trump at inauguration lose billions in wake of tariffs

https://www.independent.co.uk/news/world/americas/us-politics/trump-tariff-bezos-musk-zuckerberg-b2727147.html
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415

u/[deleted] 20h ago

Temporary losses to buy back in at an incredibly low amount and come out multiple times richer after the administration is gone.

425

u/Mysterious-Job-469 19h ago

Yep. People said the same thing about the Pandemic.

Looking back, the Pandemic was the largest wealth transfer in the entire history of mankind.

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u/Independent-Cow-4070 19h ago

And the 08 recession, and the Great Depression

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u/Fit-Engineer8778 18h ago

Yeah but the pandemic was the largest. They can’t all three be the largest.

10

u/technobicheiro 17h ago

They can be the largest of their time, nobody called World War 1 World War 1 until the second one happened.

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u/rfandomization 16h ago

pedantry dictates that I mention "First World War" was in fact a thing before the second one, but rather than implying a second was to come, it was used to indicate the First war that the whole world had fought in simultaneously

5

u/technobicheiro 16h ago

fair point: largest wealth transfer in the entire history of mankind, so far...

1

u/Dustinj1991 16h ago

Wait stop that makes sense but hurts my brain for some reason.

1

u/[deleted] 12h ago

[deleted]

1

u/Fit-Engineer8778 2h ago

Yeah after the Second World War happened. It was called the Great War up until then.

1

u/Brigadier_Beavers 16h ago

not saying you're wrong, but is that comparison by raw number dollar value or does it take inflation with buying power into account?

1

u/Fit-Engineer8778 14h ago

Raw dog, dawg

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u/X2F0111 16h ago

I mean they were the largest at the time. So yes, for a moment, they were each the largest.

3

u/Hot-Mathematician691 19h ago

People have to sell the little stock they have in order to eat and pay their mortgage/bills. Hope the jobless doesn’t get out of control but I’m seeing factories shutting down part time already, due to the tariffs.

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u/linkfan66 18h ago

If you own stocks and don't have enough in your account for dinner then you've got terrible money management skills lol.

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u/font9a 14h ago

You don't understand how people choose to live on a tight budget and put the rest into savings/money market/retirement accounts? At some point you're going to burn through all your liquidity.

-6

u/SteelTerps 18h ago

Who the fuck doesn't have money to stay alive but still has stocks

1

u/UUtch 16h ago

...yeah, to the lowest earners. Income inequality went down during the Biden admin after 40 years of rising inequality https://www.nber.org/system/files/working_papers/w31010/w31010.pdf

37

u/jlboygenius 18h ago

When you've got cash, elect a republican to crash the markets and deregulate. Buy everything cheap, then elect a democrat to bring it back up and get richer.

at least, that's how it's worked for the past 30 years.

3

u/[deleted] 17h ago

Simplified but absolutely correct.

11

u/Brigadier_Beavers 16h ago

yeppers. If both a rich man and poor man lose 50% of their wealth, its very different outcomes.

Rich: 500,000,000 / 2 = 250,000,000

Poor: 5,000 / 2 = 2,500

The rich man can still afford several life times of luxury for their family, buying new property(s), buying out companies that wont survive the crash, bucket loads of stocks, etc.

The poor man can maybe afford a month without income before they start having serious problems.

5

u/throwaway92715 18h ago

That's the "great economic boom" Trump was talking about. The gains investors will make when they buy the bottom of this gigantic fucking recession he just caused.

And of course, they will get the memo, while the rest of us get winky faces, oopsie, and now you see me now you don't.

2

u/[deleted] 16h ago

This makes literally no sense. Tech CEOs aren't holding their money in cash. They're holding it primarily in company stock. It's crazy how Reddit is now just pure misinformation.