Another company has become the target of President Trump’s tweets: Nordstrom. But this time, he’s not targeting a company because it is moving jobs or factories overseas, but because it dropped his daughter Ivanka’s fashion brand.
The company announced last week it would stop selling Ivanka Trump’s clothing and accessory line, saying that was based on the sales performance of the brand.
Late Wednesday morning, President Trump tweeted: “My daughter Ivanka has been treated so unfairly by @Nordstrom. She is a great person – always pushing me to do the right thing! Terrible!” It was retweeted more than 4,000 times in less than 30 minutes.
Shares in Seattle-based Nordstrom traded around $42.70 before the 10:50 a.m. tweet, then fell to $42.48 afterward in a flurry of trading.
The stock later rose; at 1:54 p.m., the shares were at $43.59.
This is not the first time Trump’s tweets have at least temporarily affected a stock. U.S. automakers, Boeing and Carrier have also suffered after his comments on Twitter.
Companies are clearly wrestling with a new dynamic.
“What we are seeing is that we are living in a world with a different kind of chief executive in the White House,” said Matthew Shay, president and CEO of The National Retail Federation, the largest retail trade group, during a conference call with reporters Wednesday. “He has a strong opinion on issues. We are learning to work in the environment.”
A social-media campaign called “Grab Your Wallet” has urged a boycott of stores that stock Ivanka Trump or Donald Trump products.
Ivanka Trump has said she would take a leave of absence from her clothing and accessories business as well as the Trump organization. Rosemary K. Young, senior director of marketing at Ivanka Trump, said last week that the brand is expanding and saw “significant” revenue growth last year compared to the previous year.
Updated Wednesday, February 8, 2017 at 1:54 pm