When Interests Are Threatened, Billionaires Can't Sit Still: Joining Elon Musk in Opposing New Tariff Policies

As the 2024 election approached, many high-profile billionaires found themselves on the side of President Donald Trump, backing his economic policies in hopes of securing tax breaks, reducing regulations, and lowering inflation. The MAGA camp attracted an impressive roster of tech founders, investors, and business leaders, many of whom had benefited from the previous administration’s focus on deregulation and tax cuts.

However, as Trump's administration rolled out its new 10 percent tariff policy, many of these same billionaires found themselves at odds with the president’s approach, particularly as their own financial interests were directly threatened.

The tariff policy, aimed at reshaping global trade and strengthening American industries, quickly became a point of contention among the nation’s wealthiest individuals. What was originally viewed as a targeted measure aimed at a few select countries rapidly evolved into a broad, sweeping policy that could potentially affect almost every nation.

Markets, which had initially assumed that the tariffs would be strategically placed and carefully limited, watched in shock as Trump threatened a global trade war that could have catastrophic consequences. This abrupt change in direction sent shockwaves through the markets, wiping trillions of dollars off the value of major companies and leaving some billionaires scrambling to adjust their portfolios.

Elon Musk, the world’s richest man and CEO of Tesla, SpaceX, and X (formerly Twitter), was among those most vocal in his criticism of the tariffs. Musk, who had invested millions of dollars into supporting Trump’s 2024 campaign, found himself losing a staggering $130 billion in net worth due to the sudden market downturn.

It didn’t take long for Musk to publicly air his grievances, taking aim at the architects of the tariff policies, particularly Peter Navarro, one of Trump’s closest advisors and a key proponent of the tariffs. In a particularly colorful remark on X, Musk called Navarro “dumber than a sack of bricks,” an unusually harsh critique from the normally private tech mogul.

Musk’s objections didn’t stop there. As one of the most influential tech leaders in the world, Musk has long advocated for a free market economy, and his position on the tariffs was no different. He argued that both the U.S. and Europe should work towards creating a tariff-free environment, believing that such a move would be more beneficial for all parties involved.

For Musk, the prospect of an economic “nuclear war” was too great a risk to ignore, especially given his vast investments in global enterprises.

But Musk was far from alone in his opposition to the tariffs. Warren Buffett, the iconic investor and long-time Oracle of Omaha, is not known for publicly speaking about politics. However, in March of 2024, Buffett made an exception, criticizing the tariffs in a rare public statement.

In an interview with CBS News, Buffett referred to the tariffs as “an act of war” and pointed out that they would likely lead to higher prices for American consumers, who were already struggling with record inflation. The increase in the cost of goods, he argued, would be felt disproportionately by ordinary citizens who could least afford it.

Ken Griffin, the billionaire hedge fund manager and founder of Citadel, echoed similar concerns, particularly regarding the impact of the tariffs on lower-income families. Speaking at a financial event, Griffin pointed out that the tariffs would likely raise the prices of everyday goods, from groceries to household appliances, putting an additional strain on middle- and low-income families.

He also took issue with the Trump administration’s insistence that the tariffs would help bring manufacturing jobs back to the U.S., stating that such a goal was a “20-year dream” rather than a short-term reality. For Griffin, the costs of the tariffs far outweighed any potential benefits, and he did not mince words in expressing his disapproval.

Jamie Dimon, the CEO of JPMorgan Chase, has long been one of the most influential voices in the American financial sector. While he had quietly supported Kamala Harris during the 2024 election, Dimon became one of the most prominent voices against Trump’s tariff policy. In his annual letter to shareholders, Dimon expressed concern that the tariffs would slow down economic growth and weaken the country’s position in the global economy.

He noted that if the U.S. were to sever its economic alliances with Western nations, it would inevitably weaken America’s global influence over time.

Bill Ackman, another prominent hedge fund manager and long-time Trump ally, also spoke out against the tariffs, warning that they could have disastrous consequences for the economy. Ackman went so far as to describe the tariffs as an attempt to launch an “economic nuclear war” against the entire world.

In a post on X, Ackman implored Trump to reconsider his policy, warning that such a move could undermine global business confidence and bring international trade to a halt. Despite the strong language, Ackman later clarified that he remained loyal to Trump but felt that the tariffs were too dangerous a step to take.

Dan Loeb, the billionaire hedge fund manager and CEO of Third Point, joined the chorus of critics, expressing concern over Trump’s erratic approach to policy. Loeb, who had previously supported Trump’s “America First” agenda, retweeted a post that criticized the president’s unpredictable nature, noting that the entire U.S. economy seemed to be in the hands of one person, whose decisions could change without warning.

Loeb’s response, a simple “exactly,” underscored the frustration many billionaires were feeling with the sudden and unpredictable nature of Trump’s economic policies.

Despite their wealth and influence, these billionaires found themselves in a difficult position. Many of them had supported Trump during his first term, believing that his policies would create an environment conducive to business growth and prosperity.

However, as the new tariff policies took shape, it became clear that the president’s approach was not going to benefit everyone equally. For the tech giants, investors, and entrepreneurs who had once rallied behind Trump, the economic toll of the tariffs was simply too great to ignore.

The fallout from the tariff policy has been swift and dramatic. Billions of dollars have been wiped from the stock market as investors have reacted to the uncertainty created by the new tariffs. As the markets have plummeted, many billionaires have seen their net worths drop significantly, adding to their concerns about the long-term viability of the policy. For some, the loss has been staggering, with one Trump supporter alone losing $130 billion in value as a result of the tariffs.

In the face of these losses, many billionaires have started to speak out more openly against the Trump administration, with some even publicly distancing themselves from the president. While they may not have fully turned on him, these outspoken critics have made it clear that they are no longer willing to support policies that they believe will harm the economy and their personal fortunes.

As the tariff war continues to escalate, it remains to be seen how this will impact Trump’s relationship with the business community and whether it will have any lasting effect on his political future.

For the billionaires who have been directly affected by the tariffs, the stakes are high. The policy has already caused significant losses, and many are worried about the long-term consequences of the trade war. The sharp criticism from figures like Elon Musk, Warren Buffett, and Jamie Dimon suggests that the business elite is no longer as united behind Trump as it once was.

The question now is whether these voices of dissent will have any impact on the president’s policies moving forward, or if the tariff war will continue to rage on, leaving the country to grapple with the fallout.