Recently, an article stated that the former US President Trump once took great pride in the stock market. In January this year, the day before his inauguration, Trump said, "Not to brag, but everyone says it's the 'Trump effect'. The stock market has risen significantly since the US election." However, now Trump has become more subdued when talking about Wall Street. Punitive tariffs, rising inflation, and a gloomy economic outlook have panicked shareholders. The stock prices of some companies have tumbled, with large tech companies being the first to be affected.
On March 4, traders were working on the trading floor of the New York Stock Exchange. The three major stock indexes on the New York Stock Exchange fell that day.
The so - called "Magnificent Seven" in US stocks refers to seven large tech companies including Amazon and Microsoft. Due to their large scale, they have a significant impact on the global stock market. The report said that at the inauguration ceremony, representatives of almost all the "Magnificent Seven" tried to get close to Trump.
Tim Cook, the CEO of Apple, occupied a prominent position behind the then "First Lady" Melania at Trump's inauguration ceremony. So far, Apple shareholders' losses during this stock market turmoil have not been too large, and the same goes for Cook himself, who owns 3 million shares of Apple.
Elon Musk was not so lucky. As an advisor to Trump and an important figure in the government's efficiency department, this tech mogul implemented extensive cost - cutting measures, but the stock price of his company, Tesla, has recently tumbled. According to calculations, since Trump's inauguration, Musk's wealth has shrunk by about $148 billion.
Sundar Pichai, the CEO of Alphabet, the parent company of Google, also attended Trump's inauguration ceremony. It is reported that the company is lobbying the White House to abandon the plan to break up Google. Alphabet's stock performance is far from satisfactory: since Trump took office, its stock price has fallen by more than 15%.
Jeff Bezos, the founder of Amazon, has not yet received any rewards from his close relationship with Trump. As the owner of The Washington Post, Bezos pressured his newspaper during the election campaign to avoid taking sides in the election. According to calculations, since Trump's election, Bezos' wealth has shrunk by about $29 billion.
Trump has repeatedly denounced Facebook as a "public enemy" and threatened to send Mark Zuckerberg, the CEO of Meta, the parent company of Facebook, to jail. Meta once blocked Trump's social media account. Now the ban has been lifted, and Western media commented that Zuckerberg is also trying to get closer to the White House. According to reports, since Trump's inauguration, his wealth has shrunk by about $5 billion.
However, not all large tech companies sent representatives to Trump's inauguration ceremony. Jensen Huang, the CEO of Nvidia, did not attend Trump's inauguration. This chip manufacturer is also one of the "Magnificent Seven". In recent weeks, Nvidia's stock price has dropped significantly. Analysts warned that the trade war will cause huge losses to the chip industry.
It is believed that just a few weeks after Trump took office, the situation of some leading US companies was worse than before he took office. Whether getting close to the Oval Office will eventually bring rewards to the CEOs remains to be seen.