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Elise Amendola / AP
- Goodyear Tire & Rubber Co. fell 6% on Wednesday after President Donald Trump told his 85 million Twitter followers to boycott Goodyear tires.
- “Don’t buy GOODYEAR tires – They announced a MAGA HAT BAN,” Trump tweeted.
- Trump’s tweet was likely sparked by an image shared on social media this week, which shows a slide from a Goodyear employee training presentation highlighting that “MAGA attire” is considered “unacceptable” at the venue. job.
- Visit the Business Insider homepage for more stories.
President Donald Trump is no longer a fan of Goodyear Tire & Rubber Co., if a boycott tweet to his 85 million subscribers on Wednesday is any indication.
At 10:33 a.m., Trump tweeted: “Don’t buy GOODYEAR tires – They announced a BAN ON MAGA HATS. Get better tires for a lot less! (That’s what the radical Left Democrats are doing. Two can play the same game, and we have to start playing it now!). “
A minute later, shares of Ohio-based Goodyear fell to an intraday low of $ 9.15, which is an intraday drop of 6%.
The tweet appeared to be a reaction to an image shared on social media this week.
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The image is said to show a slide of a presentation at a Goodyear employee training session. The slide states that “MAGA Outfit”, “Affiliate Slogans or Political Material”, “All Lives Matter” and “Blue Lives Matter” are “unacceptable” in the workplace, while “Black Lives Matter” and “Lesbian, Gay , Bisexual, Transgender Pride “are” acceptable “.
In one tweeted statement, Goodyear said the slide was not “created or distributed” by Goodyear Corporate.
The company also said it asks its associates to “refrain from speaking out in the workplace to support the political campaign of any candidate or political party, as well as similar forms of advocacy that do not fit. in the context of issues of racial justice and equity “.
Goodyear shares are down 40% year-to-date.
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