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 U.S. President-elect Donald Trump smiles at the crowd during the National Guard Association of the United States’ 146th General Conference & Exhibition at Huntington Place Convention Center on Aug. 26, 2024 in Detroit, Michigan.

Emily Elconin | Getty Images News | Getty Images

Meta CEO Mark Zuckerberg and Amazon founder Jeff Bezos have a particularly sketchy past with President-elect Donald Trump. OpenAI CEO Sam Altman is in a heated legal battle with Elon Musk, who became one of Trump’s biggest backers and is poised to have an outsized role in his second administration.

That all helps explain announcements this week regarding donations to Trump’s inauguration fund.

“President Trump will lead our country into the age of AI, and I am eager to support his efforts to ensure America stays ahead,” Altman said in a statement Friday. Altman said he’s planning to make a personal donation of $1 million to the fund, the company confirmed.

Meta donated $1 million to the inauguration, the company confirmed to CNBC, weeks after Zuckerberg dined with Trump privately at his Mar-a-Lago resort. Amazon is also planning to donate $1 million, according to a report from The Wall Street Journal.

Trump has been a vocal critic of tech companies, and he signaled earlier this month that he won’t shy away from antitrust enforcement. The incoming president nominated Gail Slater, who advised Trump on tech policy during his first term, to head the Department of Justice’s antitrust arm.

“Big Tech has run wild for years, stifling competition in our most innovative sector and, as we all know, using its market power to crack down on the rights of so many Americans, as well as those of Little Tech!” Trump wrote in a Dec. 4 post on Truth Social announcing Slater’s nomination. “I was proud to fight these abuses in my First Term, and our Department of Justice’s antitrust team will continue that work under Gail’s leadership.”

Some of Trump’s most hostile words in the past have been directed at Amazon and Meta.

In his first term, Trump repeatedly attacked Bezos and his companies, Amazon and The Washington Post, accusing them of dodging taxes or publishing “fake news,” among other things. Trump also repeatedly pointed the finger at Amazon for its use of the U.S. Postal Service to deliver packages to customers, claiming the company contributed to the post office’s budget problems.

The animosity went both ways. In 2019, Amazon blamed Trump’s “behind-the-scenes attacks” against the company for its loss of a multibillion-dollar Department of Defense contract, then called JEDI. And prior to the 2016 election, Bezos criticized Trump’s behavior, saying it “erodes our democracy.” After the then-Republican candidate accused Bezos of using the Post as a “tax shelter,” Bezos, who also owns the Blue Origin space company, in a tweet offered to send Trump into space on one of his rockets.

Blue Origin competes for government contracts with Musk’s SpaceX.

Jeff Bezos: Blue Origin could be best business I've been involved in

At The New York Times’ DealBook Summit on Dec. 4, Bezos said he expects a more friendly regulatory environment in the upcoming administration.

“I’m actually very optimistic this time around,” Bezos said on stage. “He seems to have a lot of energy around reducing regulation. If I can help do that, I’m going to help him.”

Trump has called Bezos “Jeff Bozo.” His preferred nickname for the Meta CEO is “Zuckerschmuck.”

Following Trump’s loss in the 2020 election, he sued FacebookTwitter and Google, as well as their respective CEOs in class-action lawsuits. All three companies booted Trump’s accounts from platforms after the Jan. 6, 2021, riots at the Capitol.

Trump has long accused Facebook of silencing conservative voices. In March, he called the platform “the enemy of the people along with a lot of the media,” in an interview on CNBC’s “Squawk Box.”

Now that Trump is heading back to the White House and has been cozying up with Musk, the rest of the tech sector seems keen on currying favor. Apple CEO Tim Cook, Microsoft CEO Satya Nadella, Google CEO Sundar Pichai and others all publicly congratulated Trump following his victory in November.

Microsoft declined to comment on whether it’s contributing to the inauguration. Representatives from Apple and Google didn’t immediately respond to CNBC’s requests for comment.

For OpenAI and Altman, the concerns are a bit different. Altman and Musk were co-founders of OpenAI, which initially was a nonprofit. The two have since publicly split, with Altman remaining as CEO of OpenAI and Musk starting a rival artificial intelligence company called xAI.

In March, Musk sued OpenAI — and co-founders Altman and Greg Brockman — alleging breach of contract and fiduciary duty. He claimed the project had been transformed into a for-profit entity that’s largely controlled by principal shareholder Microsoft, and is suing to thwart the change in structure.

OpenAI clapped back on Friday, claiming in a blog post titled “Elon Musk wanted an OpenAI for-profit,” that in 2017 Musk “not only wanted, but actually created, a for-profit” to serve as the company’s proposed new structure.

Altman’s coming concern is that Musk spent more than $250 million to help boost Trump’s campaign, and is now poised to help lead the “Department of Government Efficiency.” In that role, Musk could influence how AI is regulated in ways that favor his businesses.

On Dec. 5, Trump announced that venture investor and podcaster David Sacks, a friend of Musk’s, will join the Trump administration as the “White House A.I. & Crypto Czar.”

WATCH: Trump’s Cabinet will have more billionaires than any in history

President-elect Trump's cabinet to have more billionaires than any in history

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CNBC Daily Open: Some hope after last week’s U.S. market rout

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CNBC Daily Open: Some hope after last week's U.S. market rout

Traders work on the floor of the New York Stock Exchange (NYSE) on Nov. 21, 2025 in New York City.

Spencer Platt | Getty Images

Last week on Wall Street, two forces dragged stocks lower: a set of high-stakes numbers from Nvidia and the U.S. jobs report that landed with more heat than expected. But the leaves that remained after hot tea scalded investors seemed to augur good tidings.

Even though Nvidia’s third-quarter results easily breezed past Wall Street’s estimates, they couldn’t quell worries about lofty valuations and an unsustainable bubble inflating in the artificial intelligence sector. The “Magnificent Seven” cohort — save Alphabethad a losing week.

The U.S. Bureau of Labor Statistics added to the pressure. September payrolls rose far more than economists expected, prompting investors to pare back their bets of a December interest rate cut. The timing didn’t help matters, as the report had been delayed and hit just as markets were already on edge.

By Friday’s close, the S&P 500 and Dow Jones Industrial Average lost roughly 2% for the week, while the Nasdaq Composite tumbled 2.7%.

Still, a flicker of hope appeared on the horizon.

On Friday, New York Federal Reserve President John Williams said that he sees “room” for the central bank to lower interest rates, describing current policy as “modestly restrictive.” His comments caused traders to increase their bets on a December cut to around 70%, up from 44.4% a week ago, according to the CME FedWatch tool.

And despite a broad sell-off in AI stocks last week, Alphabet shares bucked the trend. Investors seemed impressed by its new AI model, Gemini 3, and hopeful that its development of custom chips could rival Nvidia’s in the long run.

Meanwhile, Eli Lilly’s ascent into the $1 trillion valuation club served as a reminder that market leadership doesn’t belong to tech alone. In a market defined by narrow concentration, any sign of broadening strength is a welcome change.

Diversification, even within AI’s sprawling ecosystem, might be exactly what this market needs now.

What you need to know today

And finally…

The Beijing music venue DDC was one of the latest to have to cancel a performance by a Japanese artist on Nov. 20, 2025, in the wake of escalating bilateral tensions.

Screenshot

Japanese concerts in China are getting abruptly canceled as tensions simmer

China’s escalating dispute with Japan reinforces Beijing’s growing economic influence — and penchant for abrupt actions that can create uncertainty for businesses.

Hours before Japanese jazz quintet The Blend was due to perform in Beijing on Thursday, a plainclothesman walked into the DDC music club during a sound check. Then, “the owner of the live house came to me and said: ‘The police has told me tonight is canceled,'” said Christian Petersen-Clausen, a music agent.

— Evelyn Cheng

Correction: This report has been updated to correct the spelling of Eli Lilly.

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Meta halted internal research suggesting social media harm, court filing alleges

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Meta halted internal research suggesting social media harm, court filing alleges

Meta halted internal research that purportedly showed that people who stopped using Facebook became less depressed and anxious, according to a legal filing that was released on Friday.

The social media giant was alleged to have initiated the study, dubbed Project Mercury, in late 2019 as a way to help it “explore the impact that our apps have on polarization, news consumption, well-being, and daily social interactions,” according to the legal brief, filed in the United States District Court for the Northern District of California.

The filing contains newly unredacted information pertaining to Meta.

The newly released legal brief is related to high-profile multidistrict litigation from a variety of plaintiffs, such as school districts, parents and state attorneys general against social media companies like Meta, Google’s YouTube, Snap and TikTok.

The plaintiffs claim that these businesses were aware that their respective platforms caused various mental health-related harms to children and young adults, but failed to take action and instead misled educators and authorities, among several allegations.

“We strongly disagree with these allegations, which rely on cherry-picked quotes and misinformed opinions in an attempt to present a deliberately misleading picture,” Meta spokesperson Andy Stone said in a statement. “The full record will show that for over a decade, we have listened to parents, researched issues that matter most, and made real changes to protect teens—like introducing Teen Accounts with built-in protections and providing parents with controls to manage their teens’ experiences.”

A Google spokesperson said in a statement that “These lawsuits fundamentally misunderstand how YouTube works and the allegations are simply not true.”

“YouTube is a streaming service where people come to watch everything from live sports to podcasts to their favorite creators, primarily on TV screens, not a social network where people go to catch up with friends,” the Google spokesperson said. “We’ve also developed dedicated tools for young people, guided by child safety experts, that give families control.”

Snap and TikTok did not immediately respond to a request for comment.

The 2019 Meta research was based on a random sample of consumers who stopped their Facebook and Instagram usage for a month, the lawsuit said. The lawsuit alleged that Meta was disappointed that the initial tests of the study showed that people who stopped using Facebook “for a week reported lower feelings of depression, anxiety, loneliness, and social comparison.”

Meta allegedly chose not to “sound the alarm,” but instead stopped the research, the lawsuit said.

“The company never publicly disclosed the results of its deactivation study,” according to the suit. “Instead, Meta lied to Congress about what it knew.”

The lawsuit cites an unnamed Meta employee who allegedly said, “If the results are bad and we don’t publish and they leak, is it going to look like tobacco companies doing research and knowing cigs were bad and then keeping that info to themselves?”

Stone, in a series of social media posts, pushed back on the lawsuit’s implication that Meta shuttered the internal research after it allegedly showed a causal relationship between its apps and adverse mental-health effects.

Stone characterized the 2019 study as flawed and said it was the reason that the company expressed disappointment. The study, Stone said, merely found that “people who believed using Facebook was bad for them felt better when they stopped using it.”

“This is a confirmation of other public research (“deactivation studies”) out there that demonstrates the same effect,” Stone said in a separate post. “It makes intuitive sense but it doesn’t show anything about the actual effect of using the platform.”

CNBC’s Lora Kolodny contributed reporting.

WATCH: Final trades: Meta, S&P Global and Idexx Lab.

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Google’s new AI model puts OpenAI, the great conundrum of this market, on shakier ground

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Google's new AI model puts OpenAI, the great conundrum of this market, on shakier ground

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