The share price of Goodyear fell as much as 6% on Wednesday, after President Donald Trump tweeted to his 85 million followers to boycott Goodyear Tire & Rubber Co.
Trump tweeted, “Don’t buy GOODYEAR TIRES – They announced a BAN ON MAGA HATS. Get better tires for far less! (This is what the Radical Left Democrats do. Two can play the same game, and we have to start playing it now!).”
This follows an image in circulation supposedly of a slide presentation at a Goodyear employee training session. The slide outlines that MAGA attire, politically affiliated slogans or material, all lives matter, and blue lives matter are “unacceptable” forms of attire to wear at the work place, while Black lives matter, and LGBTQ attire are “acceptable.”
One minute after Trump’s tweet, shares of Ohio-based Goodyear fell to an intraday low of $9.15, representing an intraday decline of 6% according to Business Insider.
However, at the time of this report, the share price has slightly recovered from the loss to $9.53, down by just above 2%.
The 52 week high and low prices of Goodyear shares are $17.19 and $4.09 per share. The company has a market capitalization of $2.31 billion.
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In a tweeted statement, Goodyear said the slide in question was not “created or distributed” by Goodyear corporate.
Additionally, the company said it asks associates to “refrain from workplace expressions in support of political campaigning for any candidate or political party, as well as similar forms of advocacy that fall outside the scope of racial justice and equity issues.”
Written by;
Ifunanya Ikueze
