A grinning, orange Donald Trump has just announced that Broadcom is moving its headquarters back to the U.S. from Singapore, a move he says will mean more than $20 billion in annual revenue will be returning to “U.S. cities, towns and workers.”
— ABC News (@ABC) November 2, 2017
He’s been teasing this for days and you can tell by looking at him that he can barely contain himself. You should note that while this is being tethered to the tax announcement, the company’s move to the U.S. will take place irrespective of whether the Republican plan passes.
The shares promptly plunged to a day low:
Also worth noting here: the company has a deal to buy Brocade Systems held up in CFIUS review. As ABC dryly notes, “by becoming a U.S.-based company, Broadcom would avoid the CFIUS process.”
Broadcom CEO: "My mother could never have imaged that one day her son would be here in the Oval Office…"
Trump: "And my mother too!" pic.twitter.com/Vklc8mOk22
— Steve Kopack (@SteveKopack) November 2, 2017