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Why Standing Up Against Trump is Good for Business - Robert Reich
Friends,
Today I want to assess Saturday’s No Kings protests in the context of American capitalism.
Standing up against Trump is not only important politically and morally. It’s also profitable.
Diversity, for example, is good for business. CEOs that have scaled back their companies’ diversity programs in response to Trump’s attacks have misread the market and are now suffering the consequences.
When Target rolled back DEI, the company confronted a consumer boycott, which led to a 17 percent drop in the value of its stock. A similar boycott of Walmart has contributed to an 18 percent drop in its stock value in the past month alone.
Palantir, a data analysis and technology firm whose contracts with the federal government are expanding, has taken heat over its rejection of DEI and coziness with Trump. (In a recent speech to the Economic Club of New York, Palantir CEO Alex Karp told the audience that DEI programs are antithetical to meritocracy.)
On the other hand, corporations like Costco and Apple, which have stood firm against Trump and in favor of DEI, have done well.
That’s because diversity is good for business. Investors and consumers often consider a company’s commitment to diversity in making their decisions. Most big institutional shareholders such as BlackRock and Vanguard believe that a diverse workforce and customer base increases corporate profits.
Today I want to assess Saturday’s No Kings protests in the context of American capitalism.
Standing up against Trump is not only important politically and morally. It’s also profitable.
Diversity, for example, is good for business. CEOs that have scaled back their companies’ diversity programs in response to Trump’s attacks have misread the market and are now suffering the consequences.
When Target rolled back DEI, the company confronted a consumer boycott, which led to a 17 percent drop in the value of its stock. A similar boycott of Walmart has contributed to an 18 percent drop in its stock value in the past month alone.
Palantir, a data analysis and technology firm whose contracts with the federal government are expanding, has taken heat over its rejection of DEI and coziness with Trump. (In a recent speech to the Economic Club of New York, Palantir CEO Alex Karp told the audience that DEI programs are antithetical to meritocracy.)
On the other hand, corporations like Costco and Apple, which have stood firm against Trump and in favor of DEI, have done well.
That’s because diversity is good for business. Investors and consumers often consider a company’s commitment to diversity in making their decisions. Most big institutional shareholders such as BlackRock and Vanguard believe that a diverse workforce and customer base increases corporate profits.
https://robertreich.substack.com/p/why-standing-up-to-trump-is-good