(L-R) CEO of Apple Tim Cook , U.S. President Donald Trump, Microsoft CEO Satya Nadella and Amazon CEO Jeff Bezos attend a meeting of the American Technology Council in the State Dining Room of the White House June 19, 2017 in Washington, DC.
Olivier Douliery | Abaca | Sipa via AP Images
President Donald Trump gave a shout out to a group of four big tech giants that have market caps larger than $1 trillion, calling them MAGA.
Trump said four tech giants Microsoft, Apple, Google, and Amazon.comare part of a trillion dollar club — MAGA. The term originated as Trump’s campaign slogan — Make America Great Again — and is widely used by the president and his supporters.
According to a press pool report, Trump said: “For 144 days we set a record stock market. It means 401ks, it means jobs. Four trillion dollar companies: Apple, Amazon, Google, Microsoft. You have MAGA. The trillion dollar club.”
The name MAGA has also been used on Wall Street for the group of stocks that have led the market higher. They collectively have added $520 billion in market cap this year alone.
Trump has often taken credit for the stock market’s gains.
His administration has often had a tense relationship with some big tech companies. His comments came just hours after the Federal Trade Commission announced it will examine prior acquisitions by all four companies. The FTC is also investigating Facebook.
Two members of MAGA are also part of FANG, a term used widely on Wall Street to describe tech stock group Facebook, Amazon, Netflix and Google, whose parent’s name is Alphabet.
Amazon, Alphabet and Microsoft all hit new highs Tuesday.