Goodyear Tire & Rubber Co.’s stock prices plummeted 6% after President Donald Trump called for a boycott of the company for banning “Make America Great Again” hats and “Blue Lives Matter” messages.
Trump on Wednesday wrote on Twitter, where he has 85 million followers, “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!).”
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!).
— Donald J. Trump (@realDonaldTrump) August 19, 2020
“One minute later, shares of Ohio-based Goodyear fell to an intraday low of $9.15, representing an intraday decline of 6%,” Business Insider reported.
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Shares of Goodyear are down 40% year-to-date.
Trump’s tweet came after a report by WIBW-TV in Topeka, Kansas, that said some employees at a Goodyear plant there were told that that the company had “zero tolerance” for employees wearing clothing with “MAGA” on them, as well as phrases like “All Lives Matter” and “Blue Lives Matter.”
Goodyear on Wednesday issued a statement saying the company “has always wholeheartedly supported both equality and law enforcement and will continue to do so.” The statement also said images making the rounds on social media did not come from Goodyear’s corporate headquarters and “was not part of a diversity training class.”
