TAIPEI (TVBS News) — Hon Hai Precision Industry Co. Ltd., better known as Foxconn, saw its stock prices tumble more than 2% in early trading Tuesday (Aug. 29), the day after its founder Terry Gou announced his bid for Taiwan's 2024 presidential elections.
Gou stated on Monday (Aug. 28) that he was willing to sacrifice for cross-strait peace, even if it meant the Chinese Communist Party seizing Foxconn's assets. This move has caused a stir in the market, driving Foxconn's price down to as low as NT＄105.5.
Gou currently holds 1.7 billion shares in the company, accounting for more than 12% of total shares. He also maintains a board seat at Foxconn.
In a statement released on Monday after Gou's political move, Foxconn clarified that Gou stepped down from his management role four years ago and no longer involves himself in the company's day-to-day operations. The company reiterated it would not be involved in any political activities.