Mere words can wreak havoc, especially if those words are uttered by Donald Trump and you’re a Silicon Valley tech company.
When Trump signed the executive order barring the entry of citizens from several Muslim-majority countries, the five biggest tech companies lost over $32 billion in market cap, reports Fortune.
The report claims that investors were worried that Trump’s immigration policies would “cut into the workforces” of these companies. The top 5 companies are Alphabet, Amazon, Apple, Facebook and Microsoft and their shares fell by about 1 percent on average. Alphabet apparently accounts for almost half of this loss in market cap.
CEOs from these top 5 companies have already condemned Trump’s order both officially and on social media. The companies are also contemplating legal action against the US President’s order. Amazon and Microsoft have already pledged support for litigation against the order. Alphabet has also set up a find to educate refugees. Apple is considering legal action.
Facebook, however, is mostly mum on the issue.
Related to the order is the restructuring of the H1B visa program proposed by Trump. Alphabet was the worst hit, with shares falling 2.6 percent. Facebook and Microsoft took a hit of around 1.3 percent hit.
Published Date: Feb 01, 2017 04:54 pm | Updated Date: Feb 01, 2017 04:54 pm