Amazon share price suffers as Trump aims to take action on the Bezos giant
President Trump looks set to go after Amazon for tax reasons and because of its impact on brick-and-mortar retailers.
According to a report from Axios.com which cited unnamed sources in the White House, Trump is considering further regulation for the company and has “wondered aloud if there may be any way to go after Amazon with antitrust or competition law.”
The President has already been outspoken on the company through Twitter, and some are speculating that his combative stance is not only motivated by his ‘America First’ agenda, which seeks to promote fair business practices, but also a personal gripe against Jeff Bezos, the Amazon CEO who acquired the Washington Post in 2013 – the newspaper Trump hates more than any other.
The reports have not been verified as true by official sources. Amazon declined to comment and the White House Press Secretary Sarah Sanders denied there was any plan for an imminent move against Amazon, but that hasn’t stopped the story slicing through Amazon’s share price, contributing to a loss of over -10.35% for the week so far.
Be mindful if you hold Amazon stock in your portfolio on Invstr – we would recommend you keep a close eye on this story in the near future, as it may put more downward pressure on the stock price.
Regardless of the prospect of a clampdown on the Bezos giant, the share price has rallied by more than +60% over the past year, making it one of the best performers on US indices.
Want to learn more about the markets and how to become a better investor?
Download the Invstr App now.
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.