While President Trump’s executive order on immigration had airports (and citizens world over!) in uproar this past weekend, its potential impact may extend beyond the moral and legal questions it has raised.
Certain U.S. companies and their stocks could feel the effects of the policy as well. U.S stock market indices posted steep declines on Monday, the worst one-day decline since Election Day, according to Fox Business.
U.S. companies and firms either impacted or vocal about the policy included:
- Google, for example, has at least 187 employees affected by the ban, the Wall Street Journal reported. “We’re upset about the impact of this order and any proposals that could impose restrictions on Googlers and their families, or that could create barriers to bringing great talent to the US,” stated Sundar Pichai, ceo of Google in an email the WSJ obtained.
- BlackRock’s CEO, Larry Fink, noted that Trump’s order presented challenges to its goals of diversity and inclusion. (Fortune)
- Microsoft noted that least 76 of its employees are impacted by the ban, according to GeekWire.
- Multinationals such as Proctor & Gamble and GE with businesses and employees globally are also assessing the impact of the order. “While the full impact of the recent policy changes is not yet clear, we know there may be some impact on our employees, our business partners and their families," stated a P&G spokesman, as reported by Cincinnati.com.
- Citigroup expressed concern about how the executive order could impact the firm’s ability to serve its clients and contribute to growth, Business Insider reported.
- Starbuck’s CEO, Howard Schultz, vowed to hire 10,000 refugees over the next five years, according to Forbes.