Like many voters, billionaires seemed to have shifted to the right in the 2024 election.
Many high-profile investors and tech founders supported President Donald Trump, expecting benefits such as tax breaks, reduced regulations, and lower inflation.
But the MAGA camp is starting to lose its grip on some of its recent ardent defenders.
However, numerous billionaires criticized the President’s implementation of a 10 percent tariff policy. They argued that this policy poses a threat to America’s financial and security leadership and could potentially result in an ‘economic nuclear war’.
MAGA’s newest legion wasn’t surprised by the tariffs.
These critics were surprised by the extent of the tariffs and how they were executed. Initially, the markets believed the tariffs would be more targeted. When Trump indicated a broad approach that included almost all countries, the markets experienced a significant loss of trillions of dollars.
And billionaires who are heavily compensated via their company’s stocks saw massive hits to their personal portfolios because of the shifts, including one Trump ally that lost $130 billion.
Some billionaires, including ones who recently voted for Trump, are now speaking out against the administration or the policies.
Stocks have tumbled since Trump’s tariff policy announcement – the massive losses have roiled some billionaires
Here are some of America’s highest earners who have talked about the negative consequences of tariffs:
Elon Musk
The richest man in the world, Tesla CEO, X owner, and SpaceX founder broke with the President over tariffs after losing $130 billion in net worth.
Elon Musk, who spent millions of dollars on the 2024 campaign to get Trump back into the White House, has started to mouth off at some of the President’s closest advisors over tariffs.
His criticism has taken aim a Peter Navarro, one of the architects of the tariff policies, calling the fellow Trump ally, ‘dumber than a sack of bricks,’ on X.
Musk also said he wants the US and Europe to shift into a tariff-free environment.
Warren Buffett
Buffet rarely speaks about politics and did not endorse any candidates during the 2024 election.
Elon Musk has been a huge part of Trump’s reemergence in the White House – but he’s spoke out about the President’s tariff policy
Multiple billioniares openly flipped to the Republican Presidential candidate during the 2024 election
Bill Ackman recently spoke out against the tariff policies in a long X post – he rescinded the opinion a day later
However, the oft-silent and iconic investor offered his criticism of tariffs in a rare statement in March, weeks before Trump launched his tariff policies.
He pointed out that American consumers, already dealing with a record-level of inflation, are likely to see even higher prices at the store.
‘They’re an act of war, to some degree,’ he said in an interview on CBS News.
‘Over time, they are a tax on goods. I mean, the tooth fairy doesn’t pay ’em!’
Jamie Dimon
The JPMorgan Chase CEO, who quietly supported Kamala Harris during the 2024 election, has become one of the most prominent anti-tariff voices in recent days.
The billionaire was under consideration for advisory roles right after the election.
But in his annual letter to his staff, the CEO just said he doesn’t believe tariffs are a prudent economic policy.
‘Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,’ Dimon wrote during his yearly address.
‘If the Western world’s military and economic alliances were to fragment, America itself would inevitably weaken over time.’
Ken Griffen
The billionaire hedge fund manager who founded Citadel has said Trump’s tariff policy amounts to a tax on low-income families.
‘It isn’t right to tell a middle-class or economically challenged family making $50,000 a year “it’s going to cost you 20 percent, 30 percent, 40 percent more for your groceries, for your toaster, for a new vacuum cleaner, for a new car,’ Griffen said at an event, according to Bloomberg.
Griffen also criticized the consistent talking point coming out of the Trump administration that tariffs will bring back manufacturing jobs.
‘Even if the dream of jobs coming back to America plays out, that’s a 20-year dream,’ he said.
‘It’s not 20 weeks. It’s not two years. It’s decades.’
Bill Ackman
Trump ally Bill Ackman recently begged the presidentto pause the tariff program in a long X post.
‘By placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner,’ he wrote.
‘If, on the other hand, on April 9th, we launch economic nuclear war on every country in the world, business investment will grind to a halt.’
Ackman has since rescinded parts of the post, saying they were ‘misinterpreted.’
He said he remains a Trump loyalist.
Dan Loeb
Loeb, a billionaire hedge fund manager and CEO of investing firm Third Point, has also spoken out against tariffs on X.
The Trump supporter who previously expressed his support for ‘America First’ policies retweeted a popular post that criticized Trump for changing his policies on a whim.
‘For now [the economy] is all in the head of 1 person,’ the popular post said. ‘Who can change his mind at any time.’
Loeb responded with one word: ‘exactly.’
