Goodyear tumbles 6% after Trump tweets to boycott the company over MAGA hat ban
- Goodyear Tire & Rubber Co. dropped as much as 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 BAN ON MAGA HATS," Trump tweeted.
- Trump's tweet was likely sparked by an image shared on social media this week said to show a slide of a Goodyear employee training presentation outlining that "MAGA attire" is considered "unacceptable" in the workplace.
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President Donald Trump is no longer a fan of Goodyear Tire & Rubber Co., if a boycott tweet 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 $9.15, representing an intraday decline of 6%.
The tweet seemed to be a reaction to an image shared on social media this week.
The image is said to show a slide of a presentation at a Goodyear employee training session. The slide outlines that "MAGA attire," "political affiliated slogans or 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 "created or distributed" by Goodyear corporate.
The company also 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.
