After Trump tweets, Amazon Market Value Loses $5 Billion

After Trump tweets, Amazon Market Value Loses $5 Billion

Amazon’s stock market value lost as much as $5 billion during premarket trading after President Donald Trump tweeted that the online giant does “great damage to tax paying retailers.” Trump has long accused Amazon of not paying its fair share of taxes.

On Wednesday, Trump criticized Amazon on Twitter by saying it is hurting retailers and causing US job losses. The president had previously tweeted similar attacks against the e-commerce company, as well as pointing out that its CEO Jeff Bezos also owns the Washington Post.

After Trump’s tweet, Amazon stock closed down 0.5 percent, according to CNBC.

"While this is not his first tweet about Amazon and taxes (and of course, the Washington Post), we do find it interesting that he is now linking Amazon and job losses in traditional retail," Edward Yruma, KeyBanc Capital Markets Analyst wrote in a note to clients Wednesday.

On three occasions, from July 22-24, Trump blasted Amazon and the Washington Post. The president called the companies the “Amazon Washington Post,” alleging some financial impropriety by Bezos.

At one of his campaign rallies in February last year, Trump told a crowd about his future plans for dealing with Amazon.

 

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