this post was submitted on 09 Apr 2025
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Economics

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Summary

Trump’s recent tariff hikes have triggered a sharp market downturn, prompting backlash from wealthy former allies.

Billionaires like Dan Loeb, Bill Ackman, and Ken Griffin have condemned the policy shift, citing financial losses and economic instability.

JPMorgan CEO Jamie Dimon warned tariffs could isolate the U.S. and slow growth. Home Depot’s Ken Langone questioned the tariff logic, while Stanley Druckenmiller opposed rates over 10%.

Investors feel powerless amid volatility driven by political decisions, not fundamentals.

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[–] kata1yst@sh.itjust.works 25 points 1 week ago

If only they could have anticipated the candidate that promised mass deportations, extensive weaponized tariffs, and has a known habit of not paying debt and bankrupting successful businesses would be bad for the economy!

[–] Fingolfinz@lemmy.world 18 points 1 week ago (1 children)

Billionaires should be imprisoned for life for their crimes against humanity and nature. Also, are they fucking stupid? What else were they expecting?

[–] sharkfucker420@lemmy.ml 3 points 1 week ago (1 children)

Well it isn't as if billionaires are a unified block. They have the obvious split between Democrat and Republican but since they are also relatively safe in their position regardless of who wins an election there are also many who are aren't particularly bothered either way until it screws them. So we have this group who was maybe willing to hear Trump out in some regards realizing very quickly that they are gonna get screwed. It was bound to happen but the incoming economic crisis should allow those who support Trump to buy up the businesses that fail and consolidate economic power. We will see though

[–] Fingolfinz@lemmy.world 1 points 1 week ago

Well hopefully they’ll all get eaten at the end of everything

[–] pdxfed@lemmy.world 10 points 1 week ago

Businesses and billionaires need "certainty" in the boardroom. It's why they support Republican candidates who focus on "the economy".

I hope they choke in the absolute certainty they're being delivered. Such a classic golden goose allegory.

[–] DogPeePoo@lemm.ee 4 points 1 week ago

Ken Griffin is a financial terrorist.

Jamie Dimon is a financial terrorist.

Bill Ackman is a fucking weasel cunt.

[–] ChicoSuave@lemmy.world 2 points 1 week ago

Blame Ron Vara