Shares in the US e-commerce behemoth Amazon dropped by nearly five percent, wiping over $30 billion from its market value, after reports that President Donald Trump wants to curb the firm’s growing power.
According to a report by the US news and information website Axios, Trump is planning to “go after” the world’s largest online retailer amid growing concerns that Amazon’s business is killing physical shopping malls and mom-and-pop retailers. “He’s obsessed with Amazon,” the media reported, citing one of five sources familiar with the issue.
The US president is reportedly planning to change the tax treatment of the firm. The question was previously raised by Trump when he urged the government to impose an internet tax on online retailers.
“The president has said many times before he’s always looking to create a level playing field for all businesses and this is no different,” said White House spokeswoman Sarah Sanders, commenting on the media report. “He’s always going to look at different ways, but there aren’t any specific policies on the table at this time.”
Donald Trump has never been a fan of Amazon, blasting the company on social media during his election campaign, as well as during the first year as president. Trump had previously criticized the Washington Post, owned by Amazon CEO Jeff Bezos, for posting fake news.
The president also said that Amazon’s business had triggered job losses for regular citizens, while US Treasury Secretary Steven Mnuchin hinted that the White House might take “a position” on Amazon’s tax-collection policy.
Amazon’s stock closed 4.38 percent down at $1,431.42 per share. Company stock has nearly quadrupled over the last three years, making its founder Jeff Bezos the wealthiest person on the planet.
9 thoughts on “Amazon stock plunges after Trump pledges to “go after” Bezos’ online retail giant”
‘…..Steven Mnuchin hinted that the White House might take “a position” on Amazon’s tax-collection policy’
Slap this Jew American job killer and slave master down, Trump is doing the right thing here, fk this Jew American National hater. This asshole has decimated jobs and more jobs while he makes billions a year, enough already.
120 billion net worth? Go fk yourself.
Uses the USPS as his delivery service!
has Amazon forced anyone to shop with them?
Has Heroin ever forced anybody to use it?
I’ll say this again, Mark, that while I agree with you in principle, since I live in a very rural remote area with the nearest “big box” stores three and a half hours away from us in El Paso or Midland-Odesss (or small WalMarts two hours away in Fort Stockton or Pecos), there are times we need to buy stuff on Amazon. I don’t like it, but there are times living in God’s country can be a bee-otch.
Don’t like amazon, don’t like the Jew who runs it. You’ll never hear me say anything good about this American National job killer.
By the way DL, there might be alternatives like maybe using other retailers web sites that will ship to you as well. Also, Amazon lies about the discounted prices, if you do a little research, others have the same price if not lower. Amazon is famous for saying, “discounted prices” when they really aren’t.
Also, your private info is far less safe with Amazon, plus the Jew bastard sells it to the highest bidder, so your getting algorithmed to death.
I’ve never bought anything from them. I rarely order online, but when I do, it’s from individual companies, NOT mass-marketers.