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.
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.