NEW YORK – US firm Trigger Finance has created a new mobile application to alert users when President-elect Donald Trump tweets about a company in which they have invested.
The Trump Trigger app, which is free but currently available only for iPhones, was launched in early January with the aim of giving investors a heads up about changes in the price of their shares, given that the stock markets pay close attention to the magnate’s comments.
The company said on its Web site, a single unfavorable tweet by Trump could cost a big firm “billions of dollars” in market capitalization since it could spark a significant share price drop.
The firm’s users see this as an investment opportunity and a way to manage risk to their portfolios, Trigger Finance cofounder and CEO Rachel Mayer told The Washington Post.
Since the start of his presidential campaign, Trump has used Twitter to fire off warning messages to US companies who have decided to shift operations abroad and also to issue commentary on the activities or future of certain companies.
The magnate criticized Boeing last month for what he said was too high a price to produce a new version of Air Force One and the firm’s shares fell about 2 percent over the next few hours.
Boeing had to respond in record time to clarify that the cost of the new plane is $170 million, not $4 billion as Trump has erroneously stated in his tweet.
The same thing occurred to Lockheed Martin, which suffered a 2.5-percent share price drop on Wall Street after another Trump tweets in which he said that its program to manufacture the F35 combat aircraft is too costly.
Japanese automaker Toyota Motors lost $1.2 billion in market capitalization last Thursday – recovering it later – and had to refute a Trump tweet in which he warned the firm it would face higher tariffs on automobiles made in Mexico but imported to the US for sale.
On the other hand, Fiat Chrysler group shares rose 1.4 percent after Trump praised the firm last Monday for its plan to invest $1 billion in two US plants.
CNN reported that it had spoken with several California tech firm leaders who have employees monitoring the social network during the early morning hours on the off-chance that Trump might mention the companies in one of his tweets, causing shares to plunge.
Trump’s frequent use of Twitter is unprecedented in US politics and has kept many companies on edge.