GM stocks plunge after White House threats

GM stocks plunge after White House threats

(CNN) – General Motors is facing serious backlash from the White House after announcing plans to cut thousands of American jobs.

President Donald Trump threatened to punish the company a day after they announced they’re going to shut down five plants in North America and cut 14,000 jobs.

“Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland … I am here to protect America’s workers!” Trump tweeted Tuesday.

GM’s stocks plunged, closing more than 2.5 points lower on Tuesday, wiping out big gains made on Monday.

White House press secretary Sarah Sanders addressed the president’s tweets moments after they hit social media feeds.

“This is not about the president. It’s about the fact that they’re making a car, frankly, that people don’t want to buy,” Sanders said. “Hopefully they will make adjustments and make changes and bring those workers back.”

GM responded in a statement, saying they’re “committed to maintaining a strong manufacturing presence in the U.S." and that they “appreciate the actions this administration has taken on behalf of industry.”

Some of the thousands of Americans who are about to lose their livelihoods are backing the White House’s sentiments, saying they’re going to fight to change GM’s decision and keep their jobs.

Copyright 2018 CNN. All rights reserved.