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.
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