WASHINGTON (dpa-AFX) - President Donald Trump has blamed Democrats for the slump in stock value of major American tech firms Thursday.
'The Stock Market crashed today because the Democrats had a big Tuesday - So sad to see, you only have yourselves to blame!,' Trump said on his Truth Social platform, referring to the resounding Democratic victory in the Mid term election, by which they took control of both houses of the Congress.
'The Stock Market suffered one of the Worst Days in History based on the results of the Election,' he said in an earlier post. 'Such a sad thing to watch! It took 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,' he added.
Trump expressed confidence that the stock market would come back during the remaining months of his second term.
'Remember, it wasn't Republicans, it was Dumocrats. Do not fear, however, we will soon, one way or the other, be BIGGER AND STRONGER THAN EVER BEFORE.'
Global tech shares plunged to one of the worst levels in recent times Thursday amid concerns of a slowdown in AI development in the United States after a Republican debacle in the mid term election.
The steep stock market sell-off in Nasdaq, The S&P 500 and The Dow Jones spread to Asian and European stock markets.
In the run-up to the election, many Democrat candidates had campaigned against the growth of AI data centers consuming large amount of power.
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