‘Magnificent 7’ Stocks Get Battered By Trump Tariffs – Tesla CEO Elon Musk’s Cryptic Post Has Investors Hooked

Shares of ‘Magnificent 7’ companies continued to bleed on Monday as President Donald Trump’s tariffs continued to ravage equity markets around the world.

Trump ally Elon Musk-led Tesla Inc. (TSLA) plunged the most among the Mag 7, sliding more than 6% on Monday morning, while Nvidia Corp. (NVDA), Apple Inc. (AAPL), Microsoft Corp. (MSFT) shares slid almost 6% at the time of writing.

Alphabet Inc. (GOOG) (GOOGL) fell over 2%, while Meta Platforms Inc. (META) fell over 3%, and Amazon.com Inc.’s (AMZN) shares fell over 3%.

The ‘Magnificent 7’ companies had a cumulative market capitalization of over $13.45 trillion at the end of trading on Friday. The valuation has now slid to $12.82 trillion.

While the Nasdaq Composite index is already in the bear territory, the S&P 500 is now down nearly 18.8% since its February peak.

The S&P 500, Nasdaq Composite, and Dow Jones were all down 3.3% at the time of writing.

Brewing Discontent?

Trump ally Musk made a cryptic post on his social media platform, X, amid a steep market-wide decline.

The video shows late American economist Milton Friedman talking about the creation of pencil – he says it was the result of a free-market economy and complex supply chains, not a top-down structure or central planning.

“Literally thousands of people cooperated to make this pencil… there was no commissar sending out officers, no central office… it was the magic of a price system,” he said.

He explained that this is the reason the free-market system is essential for productive efficiency.

For context, the Trump administration has applied reciprocal tariffs on 185 countries and territories.

However, Musk did not add any comment to the video, but users on X speculated that it could be related to Trump’s policies.

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Also See: Tariff Wars – Trump Argues US Has Gotten A Lot Stronger But Says He’s Ready To Talk To World Leaders