Goodyear tumbles 6% after Trump tweets to boycott the company over MAGA hat ban

Elise Amendola/APPresident Donald Trump holds a ‘Keep America Great’ hat as he speaks at a campaign rally, Thursday, Aug. 15, 2019, in Manchester, N.H.
  • Goodyear Tire & Rubber Co. dropped as much as 6% on Wednesday after President Trump tweeted to his 85 million followers to boycott Goodyear tires.
  • Trump’s tweet was likely sparked by an image that was shared on social media earlier this week that supposedly shows a slide of an employee training presentation at Goodyear outlining that “MAGA attire” is considered unacceptable at the workplace.
  • President Trump tweeted, “Don’t buy GOODYEAR TIRES – They announced a BAN ON MAGA HATS.”
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President Donald Trump is no longer a fan of Goodyear Tire & Rubber Co., if a boycott tweet he sent to his 85 million followers 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 far less! (This is what the Radical Left Democrats do. Two can play the same game, and we have to start playing it now!).”

One minute later, shares of Ohio-based Goodyear fell to an intraday low of $US9.15, representing an intraday decline of 6%.

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The tweet from the President seems to be in reaction to an image that was shared on social media earlier this week.

The image is 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.”

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.”

Shares of Goodyear are down 40% year-to-date.

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