Tags: boycott | Grubhub | CEO | Trump

Grubhub CEO Asks Trump Supporters to Quit, Stock Implodes on Boycott

Grubhub CEO Asks Trump Supporters to Quit, Stock Implodes on Boycott

Matt Maloney, CEO of Grubhub, told Trump supporters to quit the company. He later tried to walk back the statement. (Photo courtesy of Grubhub)

By    |   Friday, 11 November 2016 07:48 PM

Matt Maloney found a new way to destroy the wealth of investors in Grubhub Inc.: Urge supporters of President-elect Donald Trump to quit the company he leads as chief executive officer.

The company's stock dropped after Maloney's e-mail was leaked and triggered a boycott movement that swept through Twitter with the hashtag #boycottgrubhub. Twitter users speculated that Maloney may have violated his employees' rights by discriminating against their political views.

Maloney's leaked e-mail Wednesday said he rejects Trump's "nationalist, anti-immigrant and hateful politics" and that anyone who disagrees should immediately resign "because you have no place here."

He later backtracked, but the damage was done. The stock was down 5 percent by the end of Friday to a four-month low of $35.25 a share.

In a panicked tweet Thursday that was later deleted, Maloney said: "Grubhub does not tolerate hate and we are proud of all our employees — even those who voted for Trump."

Maloney later issued a statement saying his email advocated for inclusion and tolerance and that Grubhub doesn't discriminate based on political beliefs, according to the Associated Press.

Chicago-based Grubhub connects online customers with takeout restaurants in the U.S. and London.

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Matt Maloney found a new way to destroy the wealth of investors in Grubhub Inc.: Urge supporters of President-elect Donald Trump to quit.
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Friday, 11 November 2016 07:48 PM
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