Following his resignation from President Donald Trump’s American Manufacturing Council, the CEO of Merck is under attack by tweets from the president.
Following his resignation from President Donald Trump’s American Manufacturing Council on Monday morning (August 14), the CEO of Merck (NYSE:MRK) was the recipient of Trump’s tweets against his company.
Kenneth C. Frazier used the company’s Twitter account to share his statement expressing a sense of duty to stand against the protestors in Charlottesville, Virginia over the weekend.
“As CEO of Merck and as a matter of personal conscience, I feel a responsibility to take a stand against intolerance and extremism,” Frazier’s statement said. “Our country’s strength stems from its diversity and the contributions made by men and women of different faiths, races, sexual orientations and political beliefs.”
— Merck (@Merck) August 14, 2017
Trump responds to Merck
Frazier’s statement was released on August 14 at 8:00 a.m.EST; Trump’s response was made less than hour later.
“Now that Ken Frazier of Merck Pharma has resigned from President’s Manufacturing Council, he will have more time to LOWER RIPOFF DRUG PRICES!”
The president was criticized for not being able to immediately decry the protests that took place in Charlottesville from white supremacists groups, which ended in violence and three deaths.
Now that Ken Frazier of Merck Pharma has resigned from President’s Manufacturing Council,he will have more time to LOWER RIPOFF DRUG PRICES!
— Donald J. Trump (@realDonaldTrump) August 14, 2017
It took Trump until Monday morning to call the protesters racists and condemn “criminals and thugs” utilizing KKK and Nazi symbols.
Trump’s campaign included heavy promises of lowering the prices of drugs and has tweeted against pharma companies in the past. In February the president met with several top CEO’s in an effort to fulfill his campaign promise.
The US Food and Drug Administration has taken steps to increase competition in the pharmaceutical space, including publishing a list of drugs that lack generic competition and discussing the possibility of taking a tougher stance on companies.
Shares of the company didn’t experience a massive gain or decrease based on Trump’s reaction. At the close on Monday, Merck’s stock increased 0.37 percent and currently trades at $62.67. Over a year-to-date period the company has enjoyed a 6.52 percent increase.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.