On Wednesday, the CEO of online food delivery service GrubHub, Matt Maloney, sent out an message to all of his employees bashing President-elect Donald Trump and saying that any employees who agreed with Trump should turn in their resignations.
While anti-Trump liberals cheered the purportedly principled move, investors and consumers booed, as was reflected by the significant dip their market shares took following the announcement, according to Investing.
Shares of GrubHub were down roughly 5 percent on the day, about -$1.70 per share, bringing the value of GrubHub stock down to about $35.37. Over the two days since Maloney’s statement was released, shares were down more than 9.4 percent total.
That’s a little over $300 million dollars in share value gone, simply because the company’s CEO is a precious snowflake who isn’t mature enough to know when to keep his mouth shut.
Of course, liberals will find a way to make excuses for GrubHub’s losses and will point the finger at a multitude of other things besides the CEO’s own intolerant words and actions, as they never hold themselves accountable for the results of their own behavior.
But the fact remained that Maloney just gave any terminated GrubHub employee a great reason to sue the company for unlawful discrimination, and shareholders usually look down on CEO’s who invite costly litigation on their own companies.
Nevertheless, this should be a lesson that businesses would be wise to avoid entering the political sphere altogether unless they are prepared to reap the financial consequences their ideologically guided actions have sown, which generally aren’t good when you demonizeand alienate roughly half the country.
As always, the markets will decide.
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