The presidency by social media has its downside, shareholders in a couple of major corporations have learned.

A Donald Trump tweet about “out of control” costs on  the F-35 jet sent manufacturer Lockheed Martin’s stock price tumbling, for an aggregate market drop of $4 billion. An earlier Trump tweet about Boeing’s price tag on a new Air Force One had sent that company’s stock into a $1 billion fall.

Advertisement

Stock prices rise and fall. But I can’t help but recall Gov. Asa Hutchinson’s praise last week for Trump’s “cautious” and “disciplined” approach. Words have consequences. I bet there are some employees down at the huge Lockheed Martin plant near Camden — a facility that Arkansas had hoped to heavily subsidize if it could land a new military vehicle contract — who own some of the shares that took a hit.

Of course, Trump may be right. The Arkansas legislature, prodded by Gov. Hutchinson, voted an $87 million corporate welfare handout to Lockheed Martin to land a new military vehicle contract. The handout, with interest on the bonds, would have cost the state more than $100 million. but that wasn’t enough to make Lockheed sufficiently price competitive with Oshkosh, which won the competition.

Advertisement

Hutchinson’s praise of Trump also came shortly after his incendiary outreach to Taiwan — a nifty benefit for Bob Dole’s lobbying firm. China wasn’t amused. It sent a nuclear-capable bomber over the South China sea as a message to Trump.  A state-run Chinese newspaper called Trump “childish and impulsive.”

Advertisement

Help to Keep Great Journalism Alive in Arkansas

Join the fight for truth and become a subscriber of the Arkansas Times. We've been battling powerful forces for 50 years through our tough, determined, and feisty journalism. With over 63,000 Facebook followers, 58,000 Twitter followers, 35,000 Arkansas blog followers, and 70,000 daily email blasts, our readers value great journalism. But we need your help to do even more. By subscribing and supporting our efforts, you'll not only have access to all of our articles, but you'll also be helping us hire more writers to expand our coverage. Together, we can continue to hold the powerful accountable and bring important stories to light. Subscribe now or donate for as little as $1 and be a part of the Arkansas Times community.

Previous article Monday’s open line and the daily video Next article Deputies arrest two for attempting to stop pipeline work in St. Francis County