London – Goodyear Tire & Rubber shares recovered most of the value lost on 19 Aug, after Donald Trump called for a boycott of the company over its policy on the wearing of political slogans by employees.
After hitting a low of $9.15 on the day of the US president's tweet, stocks in the Akron tire maker rebounded to close at $9.50 – about 2 percentage points shy of its opening price of $9.69.
Trump’s ‘Don't buy Goodyear Tires…’ message was triggered by Goodyear’s policy on the wearing of clothing with ‘make America great again’ slogans – as shown in an image mysteriously circulated in the US on the previous day.
In response, Goodyear issued a statement pointing out that the visual had not been created or distributed by Goodyear corporate, while also emphasising its “zero tolerance for any forms of harassment or discrimination.”
“To enable a work environment free of those, we ask that associates 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.”
Goodyear also rejected suggestions, relating to the visual, that it is anti-police: “Nothing could be further from the truth, and we have the utmost appreciation for the vital work police do on behalf of our shared communities.”