President Trump praised a different kind of MAGA in a press briefing on Tuesday, calling out the four tech giants with trillion-dollar market caps for leading the stock market higher.
“For 144 days, we set a record stock market,” Trump said at the White House. “It means 401Ks, it means jobs. Four trillion dollar companies: Apple, Amazon, Google, Microsoft. You have MAGA. The trillion dollar club.”
Trump delighted in the fact that an acronym for the four companies could be formed as MAGA, echoing his well-known campaign slogan of “Make America Great Again.” He even held up a sign showing how the names could be arranged to spell out MAGA (Microsoft (MSFT) - Get Report, Apple (AAPL) - Get Report, Google (GOOGL) - Get Report and Amazon (AMZN) - Get Report), under the heading of “The Trillion $ Club.”
Alphabet recently achieved the distinction for the first time, while Amazon reclaimed it after an extremely positive fourth-quarter earnings report on Jan. 30.
Trump has not always had the best relationship with the U.S. tech giants, feuding in particular with Amazon’s Jeff Bezos while numerous federal agencies have investigated the behavior of these companies, including the FTC on Tuesday. But Trump has often been ready to claim credit for the stock market’s success due to his economic policies.