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

Finn's Law: MPs to decide whether attacking police dogs should be criminal offence

Image
A n officer started campaigning for the law to change after his police dog was stabbed by a suspected robber and nearly died. Finn was stabbed in the head and chest by a robbery suspect By Ceren Senkul, News Reporter A bill could be passed on Friday which would make it an offence to attack service animals, including police dogs and horses. The Service Animals Offences Bill will have its second reading following the Finn's Law campaign. PC Dave Wardell and his police dog Finn were chasing a robbery suspect in 2016 when they were attacked with a knife. The suspect injured PC Wardell's hand, but he stabbed Finn in the head and chest as the German Shepherd tried to stop him from getting away. Finn was very badly hurt While the suspect was charged with actual bodily harm for his injuries to PC Dave Wardell, he was only charged with criminal damage for almost killing Finn, as dogs are considered property in the eyes of the law. Criminal damage is currently the only available charge f...
Read more

China To Offer Visa-Free Travel To Its Own "Hawaii'

Image
The new policy will start in May and allow travelers from 59 countries to visit Hainan for 30 days visa-free. The new rule will give Hainan less stringent visa requirements than in the rest of China. (AFP) BEIJING:  China unveiled plans Wednesday to permit visa-free travel to its southern island of Hainan, as Beijing pushes international tourism to the tropical destination in another step to open up the region. The new policy will start in May and allow travelers from 59 countries to visit Hainan for 30 days visa free, said Qu Yunhai, deputy director of the State Immigration Administration at a press conference in Beijing. Among the countries to be included in the programme are Russia, United States, France, Britain, and Germany, according to the official Xinhua news agency. The new rule will give Hainan less stringent visa requirements than in the rest of China, where travelers have to apply for visas through Chinese consulates abroad. The policy "embodies our resolve and approac...
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