Power
Allen & Company Annual Conference Draws Media And Tech Leaders To Sun Valley
(Kevin Dietsch/Getty Images)

The richest men in the world have gotten poorer since Trump took office. Not Warren Buffett.

Buffett’s $334 billion cash pile looks pretty good right now, huh?

J. Edward Moreno

In his second term, President Trump has courted tech CEOs with promises of lax regulations and tax cuts. So far, it hasn’t worked out too great for them.

Elon Musk, Jeff Bezos, and Mark Zuckerberg are all poorer since they were spotted at Trump’s inauguration. Warren Buffett, chairman of Berkshire Hathaway, hasn’t publicly cozied up to Trump, and his wealth has grown about $20 billion since Inauguration Day.

Musk, the world’s richest man and Trump’s biggest cheerleader, has taken the biggest hit as Tesla underperforms as a business, leading investors to lose confidence. Another Trump-friendly CEO, Amazon’s Bezos, has lost at least $50 billion of his net worth since Trump was elected, as the president’s policies weigh on consumer sentiment. Meta CEO Mark Zuckerberg is now at least $30 billion poorer since Trump took office.

These men have lost billions amid a market sell-off that has hit their tech stocks particularly hard. Buffett’s Berkshire Hathaway, meanwhile, has been more insulated from the downturn because of its large cash pile and shrinking exposure to the stock market, including selling off a chunk of its stake in Apple.

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Max Knoblauch

Big four airlines sink as Transportation Secretary Duffy says parts of US airspace could close if shutdown continues

The US may close parts of its airspace as early as next week if the government shutdown continues, according to comments made by Transportation Secretary Sean Duffy on Tuesday.

“If you bring us to a week from today, Democrats, you will see mass chaos. You will see mass flight delays. You’ll see mass cancellations, and you may see us close certain parts of the airspace, because we just cannot manage it,” Duffy said at a news briefing on Tuesday.

The shutdown, which entered its 35th day on Tuesday, has fueled already problematic shortages of air traffic controllers. This week, airlines said 3.2 million passengers have faced delays or cancellations because of the shortages. Last week, about 13,000 air traffic controllers and 50,000 TSA agents received their first $0 paycheck amid the shutdown.

Shares of the big four US airlines all sank on Duffy’s comments, with United Airlines, American Airlines, and Delta Air Lines all down more than 5%.

power
Jon Keegan

Trump’s deal offering top Nvidia chips to China was nixed at last minute, the WSJ reports

Nvidia’s CEO, Jensen Huang, really wants to sell the chipmaker’s most powerful Blackwell GPUs to China. He almost had his way.

According to a report from The Wall Street Journal, President Trump was ready to put Blackwell chips on the negotiating table for his meeting with Chinese President Xi to seek relief from China’s decision to block crucial rare earth exports to the US.

But according to the report, Trump advisers presented a unified front and were able to dissuade him from giving up the most powerful chips to China at the last minute. Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer were among those opposed to the chip deal. After the meeting, Trump said he did not talk with Xi about Nvidia’s “super duper” chips.

Reportedly those opposed to the deal cited national security concerns, as well as wanting to keep a competitive edge as China seeks to challenge the US’s current dominance of the AI industry.

Exclusive | Trump Officials Torpedoed Nvidia’s Push to Export AI Chips to China

Exclusive | Trump Officials Torpedoed Nvidia’s Push to Export AI Chips to China

But according to the report, Trump advisers presented a unified front and were able to dissuade him from giving up the most powerful chips to China at the last minute. Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer were among those opposed to the chip deal. After the meeting, Trump said he did not talk with Xi about Nvidia’s “super duper” chips.

Reportedly those opposed to the deal cited national security concerns, as well as wanting to keep a competitive edge as China seeks to challenge the US’s current dominance of the AI industry.

Walt Hickey
shutdown watch
10/21/25
Traders are getting more and more pessimistic about the government shutdown ending any time soon

The market expects the shutdown to last well into November.

The Capitol Building in Washington DC
Jon Keegan
10/10/25
OpenAI’s internal Slack messages could cost it billions in copyright suit

Authors and publishers suing OpenAI over copyright infringement were granted access to internal OpenAI communications about the deletion of a pirated books dataset, and now want to review attorney communications.

Frightened Man
Max Knoblauch
10/9/25
US corporate spending on private flights for executives has ballooned in recent years

The median expense spent by America’s largest companies on air travel jumped 66% from 2020 to 2024.

1990s Business man private jet

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