President Donald Trump blamed Democrats for the losses in Americans’ 401(k) portfolios as the selloff in technology and artificial intelligence-related stocks deepened after his Republican Party suffered widespread losses in Tuesday’s midterm elections.
“Such a sad thing to watch!” the president said in a post on his Truth Social platform on Thursday evening. “It took us so much work to get us to a level that no one has ever seen before, and then this.”
“Your 401(k)s have, therefore, dropped. Remember, it wasn’t Republicans, it was Dumocrats,” the president said, using a derisive nickname for his opponents that he often deployed at rallies during the fall campaign.
Deep Dive
Why did Donald Trump blame Democrats for the stock market plunge after the midterm elections?
How much did the Nasdaq 100 lose during the market sell-off?
Why were AI and technology stocks hit after Democrats won control of Congress?
Also Read: The short and long-run economics of Trump's unraveling | Number Theory
In another post, the president wrote that the market rout occurred because Democrats “had a big Tuesday — So said to see, you only have yourselves to blame!”
A slide in equities accelerated Thursday on concerns that Democrats, who won control of the House and Senate, would tighten oversight of the AI industry, including the construction of data centers. Chip giants and other technology stocks suffered heavy losses.
{{/usCountry}}A slide in equities accelerated Thursday on concerns that Democrats, who won control of the House and Senate, would tighten oversight of the AI industry, including the construction of data centers. Chip giants and other technology stocks suffered heavy losses.
{{/usCountry}}In its worst session since March 2020, the Nasdaq 100 sank 6.4%, wiping out $2.3 trillion in value.
Trump has voiced strong support for data centers despite widespread opposition and dismissed proposals to restrict AI in favor of light regulation.
At the same time, he has often used the stock market — which has benefited from investor enthusiasm for AI — as a gauge of economic success, regularly touting gains in speeches and social media posts.
After weeks of casting doubt on the election’s legitimacy in the event Republicans lost, Trump said Tuesday night that he would accept the midterm results. Still, he deflected blame for the losses, saying he would have won in a landslide had he been on the ballot, while congratulating Democrats for doing a “good job.”
The president said on Wednesday that high fuel prices stoked by his war in Iran were to blame for the Republican Party’s midterm wipeout but maintained that the conflict was justified.