President Trump’s callous response to the violence committed over the weekend by white supremacists at a “Unite the Right” rally in Charlottesville, Virginia didn’t do him any favors among Republican politicians. His refusal to condemn white supremacy is now also affecting his White House manufacturing council.
On Monday, Kenneth Frazier, the CEO of Merck, stepped down from Trump’s manufacturing council, presumably in response to the president’s Charlottesville statement. Frazier said about his resignation:
‘America’s leaders must honor our fundamental values by clearly rejecting expressions of hatred, bigotry and group supremacy.’
Frazier, one of the country’s most prominent black corporate executives and the only black male CEO named to Trump’s council, added that “as a matter of personal conscience,” he felt “responsibility to take a stand against intolerance and extremism.”
Not surprisingly, Trump did not handle Frazier’s resignation well. He took Twitter minutes after and warned his followers that Frazier will now have “more time to LOWER RIPOFF DRUG PRICES!”
Trump is going to be even more upset about Frazier’s departure when he learns that Merck’s stock price saw a nearly one percent increase just hours after Frazier announced that he was leaving.
The Google Finance screenshots below illustrates the boost that Merck experienced after Frazier’s resignation and Trump’s subsequent decision to lash out at him.
In the past, companies have seen their stock prices drop when Trump bashes them on Twitter. In January, for example, Trump attacked Toyota after it was revealed that they would be manufacturing their new Corollas in Mexico. Almost immediately after that tweet was posted, Toyota’s U.S.-traded shares fell nearly 1 percent, knocking Toyota’s total market value down by $2 billion.
However, now that Trump is less popular than ever — he is currently sitting at a 37.7 percent approval rating, with 57.1 of people disapproving of him — companies seem to actually be getting a boost when Trump separates himself from them.
Trump’s ego is definitely going to take a hit when he learns about Merck’s stock increase, although he will probably just try to find some way to dismiss the data as “fake news.” After all, as he’s proven with his frequent attacks on polls that show him with poor approval ratings, he has no problem dismissing evidence that doesn’t match up with his beliefs.
Featured image via TIZIANA FABI/AFP/Getty Images.