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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u/anonymous_lighting 20h ago

i hear ya but to that same point do they really gain anything if their wealth increases by 10% after the fact? 

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u/sump_daddy 20h ago

Its not just that. Its their CONTROL. They will be able to buy many new and diverse businesses, dirt cheap because they are on the ropes. The FTC and other federal orgs designed to stop monopolies from forming or abusing their positions will be gutted, of course, so there will be no guardrails to complete consolidation into a dystopian corporatocracy.

"just a few more billions"? Thats not their end game, Zuck literally is mapping out where Meta vertically controls a significant portion of the country (of course alongside important allies at Amazon, XAI, Alphabet, etc)

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u/Acrobatic-Event2721 19h ago

How? Losing half your wealth will leave you in a worse position to leverage, never mind the difficulty of acquiring loans in a recession as banks go more conservative to protect themselves from ruin.

This is a lose/lose situation. I think what happened is billionaires were caught off guard with Musk backing Trump and his win so they all bowed down to Trump to be on his good side. More billionaires actually supported Kamala’s campaign.

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u/sump_daddy 18h ago

Losing half your wealth is fucking fantastic if every other 'rich person' (the sorry little single digit billionaires and below) lost 90% of their wealth.