Silicon Valley leaders donated to President Donald Trump’s campaign or inaugural fund. They visited him at Mar-a-Lago and sat front-and-center as he was sworn into office. But in the first three months of his presidency, their wallets have taken a hit from his policies.

The companies founded or run by Meta CEO Mark Zuckerberg, Apple CEO Tim Cook, Google CEO Sundar Pichai, Tesla CEO Elon Musk and Amazon founder Jeff Bezos have cumulatively lost nearly US$1.8 trillion in value since the start of this year, even after markets rebounded Wednesday in response to Trump’s pause on many planned tariffs. As a result, the personal wealth of those leaders has shrunk, too.

Tech’s top brass almost certainly hoped to gain some business benefits by hitching their wagons to Trump’s — such as fewer regulations or reduced antitrust pressure. And Trump has been eager to expand the tech industry’s US footprint and cement America as a leader in artificial intelligence.

But the losses across Big Tech indicate that Silicon Valley will also face a slew of new challenges in the wake of uncertainty around Trump’s tariff plans, which heavily target supply chains in Asia where tech companies source components and assemble products. Despite Trump’s pause on “reciprocal” tariffs that had been set to apply to many US trading partners, tariffs on China will increase to 125% from 104%.

And while tariffs pose a direct challenge to tech giants, their economic ripple effects could also have negative implications if consumers and advertisers tighten their purse strings.

Analysts had warned that long-term reciprocal tariffs, and the resulting economic uncertainty, could shrink tech earnings by as much as 25%, according to a Sunday report from UBS. That would mark a big shift from the relatively steady profit and share price gains that Big Tech has enjoyed in recent years thanks to AI.

On Monday, Wedbush Securities analyst Dan Ives described Trump’s tariff policy as an “Armageddon” for the tech 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 a representative for Musk did not respond to requests for comment. Google declined to comment.

Musk has experienced the most dramatic losses.

Despite donating at least $290 million to support Trump’s reelection and his involvement in the Department of Government Efficiency, the world’s richest man’s net worth has plunged $143 billion since the start of 2025, according to Bloomberg Billionaires Index data from April 8. That’s due largely to the sharp decline in Tesla shares, weighed down by Musk’s controversial work in the government, increasing competition and now, the threat of tariffs.

Tesla shares fell 28% and its market capitalization dropped $376.6 billion since the start of this year, as of market close on April 9, having largely erased its post-election gains. Musk has said tariffs could have a “significant” impact on Tesla.

While Musk may be in the spotlight due to his proximity to Trump, he’s not the only prominent tech figure to experience recent losses. (The most recent net worth data available on the Bloomberg Billionaires Index is from April 8; the scale of their losses may be smaller after the market’s rebound Wednesday.)

Meta was one of the first big companies to pledge a $1 million donation to Trump’s inaugural fund, and Zuckerberg has met with Trump repeatedly, both before and after he took office, to discuss policy priorities. Zuckerberg also made several Trump-friendly changes to his business, including elevating a prominent Republican to the company’s top policy job, cutting professional fact-checkers and adding Trump ally and UFC boss Dana White to Meta’s board of directors.

Zuckerberg’s net worth has fallen by $26.5 billion since the start of 2025. Meta’s share price has declined nearly 2.25% year-to-date, dragging down the company’s valuation by $35.8 billion.

Bezos was quick to congratulate Trump on his election win in November, calling it an “extraordinary political comeback,” and Amazon donated $1 million to Trump’s inaugural fund. Bezos was also behind The Washington Post’s controversial decision not to endorse a presidential candidate in the 2024 election.

Bezos’ net worth has declined by $47.2 billion since the start of this year, according to Bloomberg. Amazon’s shares are down 13% year-to-date, bringing the company’s total valuation down by $316.8 billion since the start of this year.

Google donated $1 million to Trump’s inaugural fund and streamed the event live on YouTube. And Pichai joined the parade of CEOs who visited Mar-a-Lago in the weeks following the election.

But Google’s stock has now fallen 16.2%, and its valuation is down $386.7 billion since the start of this year.

Apple’s Cook also personally donated $1 million to Trump’s inaugural committee, Axios reported in January, after meeting with Trump at Mar-a-Lago following the election to discuss tariffs and European tech regulations.

Apple also handed Trump a political win earlier this year when it announced a $500 billion investment in US facilities over the next four years. Although some of those plans were likely in place before Trump took office, the president claimed credit for the move, saying it showed “faith in what we are doing.”

But Apple, which produces many of its gadgets in foreign markets such as China, Vietnam and India, is expected to take an especially big hit from Trump’s tariffs. Its stock is down 18.5% from the start of this year, and $684 billion has been shaved off its market value.

During Trump’s first term, many big tech companies lobbied for exemptions from Trump’s tariffs. This time, however, the situation is much less certain, a point that analysts at Moody’s Ratings made in a recent research note.

“While it is difficult to estimate the effects,” the analysts wrote, “we believe no technology subsector will go unharmed.”