Of course, the chances of people relying on their 401(k)s breaking even are much slimmer

JFC. So far, Trump has caused markets to lose about 14%.Here's how the same period to date looks under other recent presidential terms [image or embed]

— Catherine Rampell (@crampell.bsky.social) April 4, 2025 at 7:40 AM

 Though it's highly unlikely that any of them will ever be anything but obscenely rich, most of Trump's billionaire supporters (of which there are alarmingly many) have found the administration’s economic policies—or lack thereof—incredibly costly, both in absolute and relative terms.

Trump keeps finding new ways to terrify Wall Street | CNN Business Allison Morrow

After months of swearing up and down he wouldn’t fire Federal Reserve Chair Jerome Powell, Trump on Thursday reversed course and said Powell’s “termination” couldn’t come soon enough. Stocks fell sharply.

Then US stock traders had a nice three-day weekend — the first sunny and warm spring weather New York City has seen this year — to ponder whether Trump was serious. Perhaps Thursday’s threat was just a bit of bluster from a president prone to tantrums — a one-off social media post that his more stable advisers will surely try to rein in to avoid an all-out panic.

Or…not.

Shortly after the US stock market opened Monday morning, Trump once again attacked Powell for ostensibly not cutting interest rates fast enough. Stocks immediately tumbled and the US dollar fell to its lowest level in three years.

While Trump’s tariff plan has been disruptive, the uncertainty it created had, to an extent, become priced in. Markets famously hate uncertainty, but the 90-day pause on the administration’s most aggressive tariffs offered a measure of reassurance that Trump may relent if there’s enough of a negative reaction.

Attacking the independence of the Federal Reserve is a new level of recklessness that few thought possible. But now even Kevin Hassett, the White House adviser who literally wrote a book arguing against firing the Fed chair, is saying openly that the administration is discussing whether to do so before Powell’s term ends a year from now.

At the same time, those plutocrats who happen to be first in line find themselves on the verge of huge, perhaps unprecedented, windfalls from massive and blatantly corrupt government boondoggles. Among the “My yacht has a yacht” wealthy, it's safe to say that there will be winners and losers, with the latter greatly outnumbering the former. The one name that seems safely in that first group is Peter Thiel. The outcome for Elon Musk, however, is much more uncertain. On one hand, he appears to be in the pole position for billions upon billions of dollars in sweetheart government contracts. On the other hand, he is likely to lose hundreds of billions through the damage that has been done to Tesla. It could well take a quarter of a trillion dollars in graft just to break even.

Christopher Bing and Avi Asher-Schapiro reporting for ProPublica:

GSA is eying Ramp to get a piece of the government’s $700 billion internal expense card program, known as SmartPay. In recent weeks, Trump appointees at GSA have been moving quickly to tap Ramp for a charge card pilot program worth up to $25 million, sources told ProPublica, even as Musk’s Department of Government Efficiency highlights the multitudes of contracts it has canceled across federal agencies.

Founded six years ago, Ramp is backed by some of the most powerful figures in Silicon Valley. One is Peter Thiel, the billionaire venture capitalist who was one of Trump’s earliest supporters in the tech world and who spent millions aiding Vice President JD Vance’s Ohio Senate run. Thiel’s firm, Founders Fund, has invested in seven separate rounds of funding for Ramp, according to data from PitchBook. Last year Thiel said there was “no one better positioned” to build products at the intersection of AI and finance.

To date, the company has raised about $2 billion in venture capital, according to startup tracking website Crunchbase, much of it from firms with ties to Trump and Musk. Ramp’s other major financial backers include Keith Rabois of Khosla Ventures; Thrive Capital, founded by Joshua Kushner, the brother of Trump’s son-in-law Jared Kushner; and 8VC, a firm run by Musk allies. [Specifically Joe Lonsdale -- MP]

The special attention Gruenbaum paid to Ramp raised flags inside and outside the agency. “This goes against all the normal contracting safeguards that are set up to prevent contracts from being awarded based on who you know,” said Scott Amey, the general counsel with the bipartisan Project on Government Oversight. He said career civil servants should lead the process to pick the best choice for taxpayers.

...

Rabois, one of Ramp’s earliest investors, is part of an influential group of tech titans known as the “PayPal Mafia.” Leaders of the early payments company include several influential players surrounding the Trump administration, including Musk and Thiel. Rabois and his husband, Jacob Helberg, hosted a fundraiser that pulled in upwards of $1 million for Trump’s 2024 campaign, according to media reports. Trump has nominated Helberg for a senior role at the State Department.

 And it gets worse.

 Mike Stone and Marisa Taylor reporting for Reuters

WASHINGTON, April 17 (Reuters) - Elon Musk's SpaceX and two partners have emerged as frontrunners to win a crucial part of President Donald Trump's "Golden Dome" missile defense shield, six people familiar with the matter said.

...

All three companies were founded by entrepreneurs who have been major political supporters of Trump. Musk has donated more than a quarter of a billion dollars to help elect Trump, and now serves as a special adviser to the president working to cut government spending through his Department of Government Efficiency.

...

One of the sources familiar with the talks described them as "a departure from the usual acquisition process. There's an attitude that the national security and defense community has to be sensitive and deferential to Elon Musk because of his role in the government."

SpaceX and Musk have declined to comment on whether Musk is involved in any of the discussions or negotiations involving federal contracts with his businesses.

 But, as Josh Marshall points out, that's not the jaw-dropping part.

4/ This honestly is perhaps the most insane thing we’ve heard since Jan 20. Musk, Thiel and Luckey want the US to pay for the creation of this network of surveillance and attack lasers and then the Pentagon will become a subscriber to the service. So the US won’t own our own missile defense. [image or embed]

— Josh Marshall (@joshtpm.bsky.social) April 19, 2025 at 4:42 PM