Trump Whacks Amazon, Company’s Shares Drop 5% | NTK Network Trump Whacks Amazon, Company’s Shares Drop 5%

Trump Whacks Amazon, Company’s Shares Drop 5%

After Axios reported that Trump wanted to go after Amazon on anti-trust grounds, the company’s market value dropped by a cool $30 billion.

By NTK Staff | 03.29.2018 @3:00pm
Trump Whacks Amazon, Company’s Shares Drop 5%

Ah, the power of the bully pulpit.

Reuters reported Wednesday that, following a report from Axios that President Donald Trump wanted to go after online retailer Amazon over anti-trust allegations, the company’s shares dropped five percent, or by $30 billion.

Worried about “mom-and-pop” retailers being pushed out of business by the online behemoth, a source close to Trump told Axios: “He’s wondered aloud if there may be any way to go after Amazon with antitrust or competition law.”

That was enough to send the Seattle-based company’s stock plummeting Wednesday. The Axios story added some details – Trump is also concerned that Amazon is overworking the U.S. Postal Service and that they are not paying enough in taxes – but using the federal government to go after Amazon is seemingly what triggered the sell off.

Then Thursday, Trump followed up with this tweet, reiterating those concerns:

When asked about it Thursday morning, White House Deputy Press Secretary Raj Shah told Fox News that Trump “has talked about the need to have tax parity between online retailers and brick and mortar retailers.”

Shah added that that is a move Congress could make and the president would support.

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