Trump brags about sparking plunge in health insurance stocks

President Donald Trump took a break from tweeting about stock market records Saturday, instead tweeting about his pride in taking action that was blamed for a selloff in shares of health insurers.

“Health insurance stocks, which have gone through the roof during the ObamaCare years, plunged yesterday after I ended their Dems windfall!”, he tweeted, referring to a decision to end payments to insurers under the Affordable Care Act, or ACA, that are used to help pay out-of-pocket costs of low-income patients.

He also tweeted that he was “very proud” of an executive order that makes big changes to the ACA and that “millions of people” will benefit.

The White House on Thursday night announced the administration would halt payments to insurance companies that sell Obamacare plans. The payments allow insurers to offset subsidies to low-income consumers. Halting the payments could see insurers leave the ACA exchanges.

See: Trump announcing end to cost-sharing payments slams insurers, hospitals

Among insurers that have reported ACA profits, shares of Centene Corp.

CNC, -3.33%

 dropped nearly 9% in Friday morning trade before ending the day down 3.3%, while Molina Healthcare Inc.

MOH, -3.37%

shed 3.4%. Shares of Anthem Inc.

ANTM, -3.11%

one of the few large health insurers that hasn’t exited the exchanges, fell 3.1% Friday.