Donald Trump calls tech giants the MAGA club, because rising stock prices make Microsoft, Apple, Google, and Amazon worth $ 1 BILLION – prompting the president to take credit
- Four tech giants whose initials describe President Donald Trump’s favorite abbreviation have caused the stock market to rise enormously
- Microsoft, Amazon, Google and Apple have driven a bull market
- Trump noted that their first letters describe MAGA – which is also his campaign slogan of Make America Great Again
- “We have four trillion dollar companies. One is Microsoft, the other is Apple, the other is Google and the other is Amazon, “he said
- “So you have an M, you have an A, you have a G, and you have an A – you have MAGA,” he added
- He held up a sheet of paper to show how the companies spelled the name
Four tech giants whose initials describe President Donald Trump’s favorite abbreviation have raised the stock market to record highs.
Microsoft, Amazon, Google and Apple have driven a bull market – together they account for around 17 percent of the S&P 500 and nearly 70 percent of NASDEX earnings this year.
The four technical giants all have market capitalizations greater than $ 1 trillion.
And the president has taken the credit for the tree. A strong economy is a central argument for his November re-election campaign.
‘The market is setting a record. We have set a new record today, “Trump said in the Oval Office on Tuesday. “It will be the 144th time in a three-year period that I am president.”
“And we have four trillion dollar companies. One is Microsoft, one is Apple, one is Google, one is Amazon. So you have Amazon, Google, Apple and Microsoft. And so you have an M, you have an A, you have a G, and you have an A. You have MAGA, “he added.
Four tech giants whose initials describe President Donald Trump’s favorite abbreviation have made the stock market rise enormously
Trump has criticized Amazon founder Jeff Bezos, together with Microsoft CEO Satya Nadella, at a meeting in the White House in June 2017
Trump has better relationships with Apple CEO Tim Cook
He held up a sheet of paper to show how the first letters spelled the initials of his campaign slogan: Make America Great Again.
However, the president has a tense relationship with Amazon founder, Jeff Bezos, who also owns The Washington Post.
Trump routinely criticizes the Post for reporting on his administration and labels ‘fake news’ as stories he doesn’t like.
The president has better relationships with Apple CEO Tim Cook, whom he met at the White House.
The four shares – Amazon, Google’s mother Alphabet, along with Apple and Microsoft – accounted for two-thirds of the S&P 500’s profits so far in 2020, DataTrek Research said in a note on Monday. The index rose 4.4% year-to-date.
Apple and Microsoft also account for 5% of the weight in MSCI’s global country index, a carefully viewed barometer of global stocks, according to Ned Davis Research. That equates to a market value greater than 47 of the 48 non-US country markets in the index, except Japan, according to Ned Davis.
Ivanka Trump and Jared Kushner leave a party at the Washington D.C. home of Jeff Bezos in January after the annual alfalfa dinner
“It’s just not sustainable,” said Tim Hayes, chief global investment strategist at Ned Davis Research.
The risk, Hayes said, is “that at some point these shares will no longer chase the market, but instead aggravate it.”
“And that would happen in the US and then the US would aggravate the global trend,” Hayes said.