Mark Cuban Questions Motives Of Elon Musk-Led DOGE’s ‘Turnaround’ Efforts, Asks ‘Who Will Be Worse Off?’ In The US Economic Shift – Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY)

Amid the ongoing overhaul in the U.S. economy, billionaire Mark Cuban contrasted the difference between turning around a corporation and a country, questioning whose interests the people in charge serve, while calling the 330 million citizens the directors of the corporation.

What Happened: Cuban responded to an X post that hailed the current economic churn and claimed that “you have to be aggressive and make tough decisions” during corporate turnarounds. The post also said that DOGE has been far too timid and the media was hyping the “chaos in the government”.

In a reply to this, Cuban quipped “But this isn’t a corporate turnaround. This is the United States of America.”

He explained that he agreed with reducing the deficit and spending, however, he said with a corporate turnaround, everyone knows that all actions will benefit the owner(s). He goes on to ask, “Who are the owners that are accruing the benefits in this (national) turnaround?”

Cuban expressed his concern for those who will be “worse off” during the national turnaround and questioned whether anyone cares about the potential negative consequences and the “challenges will come as a result of moving quickly?”

“In this case, there are 330m “directors “, most, like me, want to see the country succeed with the “new management,” but they also want some answers to their questions,” he added.

See Also: Bill Ackman-Backed Nike Reports Worst Footwear Revenue In More Than A Decade, Takes Action To Continue ‘Liquidating Inventory’ Amid Grim Outlook

Why It Matters: President Donald Trump has waged a tariff battle with the U.S. trading partners. While some tariffs have gone into effect, other “reciprocal tariffs” will be implemented on April 2nd.

While many experts believe that tariffs will be inflationary, Federal Reserve Chairman Jerome Powell dismissed the inflation concerns, calling it “transitory” in nature.

While the University of Michigan’s Consumer Sentiment Index revealed a sharp rise in inflation expectations, driven by tariff worries, Powell dismissed the data as an “outlier,” citing its divergence from other long-term inflation indicators.

On the other hand, the Fed’s median expectation for the unemployment rate stood at 4.4% for 2025, which was 100 bps higher than the current cycle low at 3.4, as of April 2023.

Congress has tasked the Federal Reserve with a dual mandate: maximum employment and stable prices. This mandate becomes increasingly challenging in a scenario of high inflation and high unemployment, which could indicate stagflation.

Price Action: The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, fell on Thursday. The SPY declined 0.29% to $565.49, and the QQQ also dropped 0.34% to $479.26, according to Benzinga Pro data.

On Thursday, the future of Dow Jones fell by 0.13%, whereas the S&P 500 and Nasdaq 100 advanced by 0.08% and 0.06% respectively.

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