Elise Amendola / AP
- Goodyear Tire & Rubber Co. fell as much as 6% on Wednesday after President Donald Trump told his 85 million Twitter followers to boycott Goodyear ties.
- “DO NOT BUY GOODYEAR TIRES – They announced a BAN ON MAGA HATS,” Trump tweeted.
- Trump’s tweet was likely prompted by an image shared on social media this week to show a slide show of a Goodyear employee training program explaining that “MAGA attire” is considered “unacceptable” on ‘ the work floor.
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President Donald Trump is no longer a fan of Goodyear Tire & Rubber Co., as a boycott tweet on his 85 million followers on Wednesday is any indication.
At 10:33 a.m., Trump tweeted: “DO NOT BUY GOODYEAR TIRES – They Announced A BAN ON MAGA HATS. Get Better Tires For Much Less! (This is what the Radical Left Democrats are doing. Two can play the same game, and we need to start playing it now !). “
One minute later, shares of Ohio-based Goodyear fell to an intraday low of $ 9.15, representing an intraday decline of 6%.
The tweet seemed 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 from a presentation at a Goodyear employee training session. The slide shows that “MAGA attire”, “politically affiliated slogans as 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 a tweeted statement, Goodyear said the slide was not “made or distributed” by Goodyear corporate.
The company also said colleagues “ask to support workplace statements in support of political campaign for any candidate or political party, as well as similar forms of plea that fall outside the scope of racial justice and issues of equality.”
Shares of Goodyear are down 40% year-on-year.
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