Trump-supporting US tech leaders lose billions as trade tensions hit markets

Since the start of 2025 the combined market value of companies led or founded by Elon Musk, Mark Zuckerberg, Jeff Bezos, Tim Cook, and Sundar Pichai has dropped by nearly US$1.8 trillion, according to Bloomberg data cited by CNN.

Tesla CEO Musk, who donated at least US$290 million to Trump’s reelection campaign and was involved in the Department of Government Efficiency, has suffered the steepest losses.

The world’s richest man had seen his net worth decline by $143 billion as of April 8, according to the Bloomberg Billionaires Index, largely due to a 28% fall in Tesla shares that wiped out $376.6 billion in market value.

Musk has warned that tariffs could "significantly" impact Tesla’s operations.

Tesla CEO Elon Musk. Photo courtersy of Musk's X

Meta CEO Zuckerberg, who pledged $1 million to Trump’s inaugural fund and held multiple meetings with him to discuss policy, has lost $26.5 billion this year. Meta shares have lost 2.25%, equivalent to $35.8 billion.

Zuckerberg also elevated several Republican allies to leadership roles at the company.

Amazon founder Bezos, whose firm also donated $1 million to Trump’s inauguration, has seen his fortune dwindle by $47.2 billion. Amazon shares are down 13% this year, losing $316.8 billion from its market value. Bezos had called Trump’s election victory an "extraordinary political comeback."

Alphabet, the parent company of Google, which is led by Pichai, has lost 16.2% in value since January, or $386.7 billion. Google donated $1 million to Trump’s inauguration, livestreamed the event on YouTube and Pichai visited Mar-a-Lago, Trump’s private resort and political base in Florida, shortly after the election.

Apple CEO Cook, another to donate $1 million to Trump’s inaugural fund, met with the president at Mar-a-Lago to discuss tariffs and European tech regulations, according to U.S. news outlet Axios. Earlier this year Apple announced a $500 billion investment in U.S. facilities over the next four years. Trump thanked Apple and Cook, saying the move reflected the company's faith in his administration.

Apple’s stock has lost 18.5% or $684 billion since January. The company is considered particularly vulnerable to Trump’s tariffs due to its reliance on manufacturing in China, Vietnam and India, countries affected to various degrees by the trade measures.

Apple CEO Tim Cook. Photo courtesy of Apple

The losses across Big Tech have been fueled by growing uncertainty over Trump’s tariff agenda, which heavily targets supply chains in Asia, where many tech companies source components and assemble products. While Trump recently paused reciprocal tariffs on other trading partners, he hiked rates on Chinese imports, now totaling 145%.

Analysts at U.S.-based financial services firm Moody’s Ratings said in a recent note that "no technology subsector will go unharmed" amid the current wave of trade tensions. UBS analysts warned that prolonged tariffs could reduce tech earnings by up to 25%. Dan Ives, a tech analyst at Wedbush Securities, called the situation "Armageddon" for the sector, adding that it "makes the tech investing landscape the most difficult I have seen in 25 years covering tech stocks."

Meta, Apple, Amazon, Tesla, and Musk did not respond to requests for comment. Google declined to comment.