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Donald Trump Not Bothered About Apple’s Stock Price Slump

Trump did praise Apple for investing $350 billion in the US, seemingly referring to the company's announcement last January

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Donald Trump. VOA

Even as Apple Inc.’s shares fell after it lowered its revenue estimate for the first quarter of fiscal 2019, President Donald Trump has said he is not bothered about the tech giant’s concerns, the media reported.

Claiming that Apple mostly makes its products in China, Trump told reporters at a White House news conference that he does not fear the impact of Apple’s stock on the US economy, CNBC reported on Friday.

In a letter to investors on Wednesday, Apple CEO Tim Cook said that for the quarter ending December 29, the company now expects revenue of approximately $84 billion, down from the $89 to $93 billion it had previously projected.

Apple lowered its revenue guidance, which led to a fall in its stock, due to weaker than expected iPhone sales, particularly in China.

Cook acknowledged that the revenue shortfall in its guidance was partly due to China’s trade tensions with the US. The slowdown in the Chinese economy also impacted its revenue, he said.

“Apple was at a number that was incredible and they’re going to be fine. Apple is a great company,” Trump was quoted as saying.

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Not concerned about Apple’s stock price slump: Trump. VOA

Apple Inc. shares dropped 10 per cent following the iPhone maker’s warning late Wednesday, The Wall Street Journal reported on Thursday.

Trump said that China was the biggest beneficiary of Apple, more than the US “because they build their product mostly in China.”

“I told (Apple CEO) Tim Cook, who’s a friend of mine, who I like a lot, make your product in the United States,” Trump was quoted as saying.

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Apple disputes the claim that it mostly makes its products in China. In a March 2018 interview to Recode’s Kara Swisher and MSNBC’s Chris Hayes, Cook said that that many of the Apple product components are made in the US, even though Apple products are assembled in China.

Trump did praise Apple for investing $350 billion in the US, seemingly referring to the company’s announcement last January

Apple also announced in December that it would invest $1 billion in a new campus in Austin, Texas. (IANS)

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Trump Accuses Social Media Platforms of Favoring his Opponents

Facebook and Twitter declined to comment. Alphabet's Google, which owns YouTube, did not immediately comment.

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FILE - A man reads tweets on his phone in front of a displayed Twitter logo. VOA

U.S. President Donald Trump on Tuesday accused social media platforms Facebook, YouTube and Twitter of favoring his Democratic opponents over him and his fellow Republicans.

“But fear not, we will win anyway, just like we did before! #MAGA,” he said in a tweet. MAGA refers to Trump’s 2016 campaign slogan, “Make America Great Again.”

Facebook and Twitter declined to comment. Alphabet’s Google, which owns YouTube, did not immediately comment.

The president and other conservatives have repeatedly complained that these big tech platforms treat them unfairly.

Trump has previously accused Twitter of restricting the visibility of prominent U.S. Republicans, without any providing evidence, and the avid social media user has promised to investigate the company’s practices.

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FILE – House Intelligence Committee Chairman Rep. Devin Nunes, R-Calif., speaks on Capitol Hill in Washington. VOA

Trump and other conservatives say Twitter targets fellow Republicans with a practice dubbed “shadow banning,” limiting the visibility of a Twitter user, including in the platform’s auto-populated dropdown search box.

Representative Devin Nunes of California has sued Twitter over the alleged practice, according to court documents.

ALSO READ: Despite All The Efforts, Political Campaign Spends on Social Media Remain A Mystery

Twitter Chief Executive Officer Jack Dorsey has said that algorithms have been changed to fix that issue.

The Justice Department held a meeting last fall between federal officials and state attorneys general to discuss allegations that conservative ideas are suppressed online, but so far no concrete action has been taken as a result. (VOA)