Amazon is responsible for a huge chunk of the Trump rally
Amazon is responsible for a huge chunk of the Trump rally
Amazon value drops $53 billion following report that Trump is "obsessed" with the company
02 April, 2018, 11:28
Amazon stock is down more than 2% on an otherwise bullish day on Wall Street in the wake of tweets by President Donald Trump assailing the company's impact on retail, level of tax payments and straining of U.S. Postal Service resources.
Despite Trump's dislike for the company already being public knowledge, Amazon's shares fell 7 percent on the back of the report, wiping around $53 billion off its market cap.
However, Amazon does not collect state taxes on third-party sellers who use the Amazon platform to sell their products. The President previously stated in a tweet "Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer?"
Read Friday's Arkansas Democrat-Gazette for full details.
"If Amazon were to collect sales tax on behalf of 3P merchants, it would raise the price of 3P merchandise relative to Amazon's own inventory, hurting 3P merchants (small business?) and favoring Amazon".
"The headline risk for Amazon is likely to continue for as long a President Trump calls the White House home, but we doubt his personal antipathy for Jeff Bezos will translate into actual policy". Amazon paid nothing in federal taxes this year thanks to tax credits and, in large part, Trump's new tax law.
After a long runup over the past year, Amazon's stock has hit a rough patch, declining almost 10% over the past week to its current level of about $1,400 a share.
Lou Kerner, a technology investor who blogs about the sector, said Trump's attack on Amazon "is a very populist thing to do", but that any new measures imposed on Amazon may do little for consumers or small businesses. In fact, that's the recurring theme to any Trump-induced stock plunge for Amazon.
"There's no doubt that e-commerce is causing brick and mortar stores to close their doors", Behlke said. The stock fell nearly 4 percent at the open on Thursday. USPS declined to comment on Trump's tweet. "The president has expressed his concerns with Amazon".
Trump has in the past been vocal about his disdain for Amazon, Bezos, and the WashingtonPost, which Bezos owns. "We have no announcement and no specific policies we are pushing for" related to Amazon, she said.
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