Right after Donald Trump won the elections to become the 45th President of United States of America, the shares of tech giants such as Netflix, Google, Facebook, Apple and Amazon declined. This decline could be a result of the growing concern among the investors. They think that Donald Trump might go with unfavorable policies towards Silicon Valley.
Shares of Amazon, Facebook and Netflix fell more than 4 %. The stock of Google declined by 3.4 % and Apple’s stock was down by 2.9 %. A few months ago, Mr Trump had invited for a boycott of Apple products as the company was refusing to cooperate with FBI who were investigating the terrorist attack in San Bernardino, California. He had also called for the company to bring its manufacturing services to the United States.
Trump had also said that Amazon is a monopoly which avoided to pay taxes in billions besides accusing its CEO Jeff Bezoz for buying the Washington Post, which has been a regular critic of Trump as a Tax Escaper.
Tim Cook, the CEO of Apple said:
Our company is open to all, and we celebrate the diversity of our team here in the United States and around the world — regardless of what they look like, where they come from, how they worship or who they love.
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