At around midnight on election day on the East Coast, the U.S. markets plunged as Donald Trump captured electoral votes in the key states of Florida, North Carolina, and Ohio--and leaders from Silicon Valley to Silicon Alley began preparing for economic turmoil and varying levels of employee and investor morale.
After rallying early in the week as traders seemed to anticipate a Clinton victory, the Dow Jones Industrial Average futures nose-dived over 700 points Tuesday night. And futures trading on the S&P 500 halted amid a 5 percent loss.
That's a major hit for a lot of people in the business world. After Hyperloop One cofounder Shervin Pishevar tweeted that he would fund a campaign for California to become its own nation, founder of VC firm Slow Ventures Dave Morin said he'd pitch in. But Catherine Bracy, who worked on President Obama's 2012 campaign and founded TechEquity, which promotes technology training in underserved communities, questioned whether either entrepreneur would have the funds following Tuesday's plunge in the markets:
And Pishevar doesn't seem to think the tough times in America will end anytime soon:
Markets will melt with a Trump win. Regardless of who wins this is a turning point in our nation. Serious systemic changes must happen.-; Shervin #VOTE (@shervin) November 9, 2016
Adam Singer, analytics advocate at Google, agreed that things in the tech world are about to change for the worse, and predicted an imminent economic downturn:
Party is prob over for Silicon Valley for now Trump presidency means recession time. Startups and big companies alike in trouble. Sad.-; Adam Singer (@AdamSinger) November 9, 2016
And Tristan Walker, founder of shaving brand for men of color Bevel, isn't feeling optimistic about market conditions:
The sell off will be something we won't want to experience. https://t.co/UMYB99LabQ-; tristan walker (@tristanwalker) November 9, 2016
Though most of Silicon Valley has been anti-Trump throughout the election cycle, New Zealand entrepreneur Kim DotCom, who founded data storage platform Megaupload seems to approve of how Trump successfully 'hacked' the American electoral and media ecosystems:
A hacker changed the world.-- Kim Dotcom (@KimDotcom) November 9, 2016
Be kind to the Internet.
Be kind to truth-tellers.
Stop special interests.
But some, like Greylock partner John Lilly, AOL cofounder Steve Case, Patrick Collison (who is cofounder and CEO of payment platform Stripe and an Irish immigrant), and CEO of robotics firm 3DR Chris Anderson had encouraging words for the tech world, which has been largely anti-Trump, following the election:
This is a bad beat for the US. But tomorrow the sun will come up and we'll get on with figuring it out. Be decent, be proud. Work hard. Hope-; John Lilly (@johnolilly) November 9, 2016
"Success is not final, failure is not fatal: It is the courage to continue that counts." #WinstonChurchill-; Steve Case (@SteveCase) November 9, 2016
Trump's view of America *wasn't* correct. We *weren't* going to hell in a handbasket. Institutions *could* be trusted. But...-; Patrick Collison (@patrickc) November 9, 2016
keep calm and code on-; Chris Anderson (@chr1sa) November 9, 2016