After Report On Trump Threat, Amazon Loses $52 Billion In Market Value

The report comes at a time when tech stocks are already under pressure after data scandal.

After Report On Trump Threat,Donald Trump in the past criticised Amazon and its founder Jeff Bezos. (File)

Amazon.com Inc's shares fell as much as 7 percent on Wednesday, wiping out about $52 billion from the company's market value, after a report that U.S. President Donald Trump wants to go after the U.S. tech giant.
Mr Trump has talked about changing Amazon's tax treatment because he's worried about mom-and-pop retailers being put out of business, Axios reported earlier on Wednesday.
Amazon could not be immediately reached for comment.
  "Capitol Hill wants Facebook's blood, but President Trump isn't interested. Instead, the tech behemoth Trump wants to go after is Amazon," the news website reported, citing five sources who have discussed the issue with him.
The report comes at a time when tech stocks are already under pressure after Facebook Inc acknowledged earlier this month that user data had been improperly harvested by a consultancy firm.
"With Facebook and regulatory worries the last thing nervous tech investors wanted to see was news that Trump is targeting Bezos and Amazon over the coming months as this remains a lingering cloud over the stock and heightens the risk profile in the eyes of the Street," GBH Insights analyst Daniel Ives said.
Mr Trump had in the past criticised Amazon and its founder and Chief Executive Jeff Bezos, who is also the richest person https://www.forbes.com/billionaires/#b88398c251c7 in the world with a net worth of more than $100 billion, according to Forbes.
Jeff Bezos also owns The Washington Post, a newspaper Mr Trump has repeatedly railed against in his criticisms of the news media. "He's obsessed with Amazon," a source told Axios.


Comments

Post a Comment

Popular posts from this blog

4 Dead As Naked Gunman Attacks Tennessee Restaurant At 3 AM

Image
The incident happened at about 3:30 a.m. The Metro Nashville Police Department said the gunman, who was armed with a rifle, fled after a customer wrestled the weapon from him. Police said the suspect shed his coat and was nude when he left the restaurant. The shooting at the Waffle House in Tennessee has left 4 people dead A gunman opened fire at a Waffle House restaurant near Nashville early Sunday morning, killing four and wounding several others, police say. The incident happened at about 3:30 a.m. The Metro Nashville Police Department said the gunman, who was armed with a rifle, fled after a customer wrestled the weapon from him. Police said the suspect shed his coat and was nude when he left the restaurant. Police have identified 29-year-old Travis Reinking as a suspect in the Waffle House shooting Investigators are looking for Travis Reinking, 29, of Morton, Illinois, whom they described as a person of interest in the shooting. Police said the gunman arrived at the restaurant in ...
Read more

Brendan Cox: Husband of murdered MP Jo quits charities amid harassment claims

Image
The father-of-two has apologised for the "hurt and offence" that some of his past behaviour had caused.    Mr Cox said his past behaviour would have made women feel 'uncomfortable' The husband of murdered Labour MP Jo Cox has quit two charities set up in her name following accusations of sexual harassment. Brendan Cox has apologised for the "hurt and offence" that some of his past behaviour had caused. Responding to allegations reported by the Mail on Sunday, Mr Cox admitted that some of his conduct towards women during his time with Save the Children would have made feel them "uncomfortable". The father-of-two said he would "take full responsibility" for his actions during his time with Save the Children and has stood down from his roles at The Jo Cox Foundation and More In Common, which he helped set up.   Jo Cox was murdered during the Brexit referendum campaign The Mail on Sunday reports that in the year before his wife was fatally sh...
Read more

Trump offered gold toilet by Guggenheim Museum in place of Van Gogh

Image
President Trump had asked for a Van Gogh but was refused the loan, instead being offered an 18-karat toilet called America.   Pot of gold: The piece was installed in the Guggenheim for more than a year Donald Trump has been offered an 18-karat gold toilet after he was denied his request of a fragile Van Gogh as a loan for the White House during his presidency. As is customary, the US President and his first lady put in a request with the Guggenheim for one of its works for the halls of the White House, but the New York museum denied the loan of Landscape In The Snow. However, they did offer an alternative - a solid gold fully-functioning toilet called America. The piece has drawn comparisons with Trump's lifestyle and presidency The toilet was installed in the Guggenheim for a year, and was used by thousands of people. In an email obtained by the Washington Post, the museum had explained the piece the Trumps requested was too fragile to be moved but for the rarest occasions, but th...
Read more