Amazon slides after Trump tweets his 'concerns' about the e-commerce behemoth
30 March, 2018, 00:39 | Author: Sheri Evans
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.
Amazon shares dropped 4.4 percent Wednesday after Axios reported that Trump has wondered if there was a way to "go after" the company with antitrust or competition laws.
The Amazon logo is seen at the Young Entrepreneurs fair in Paris, France, February 10, 2018. "He's obsessed with Amazon", one source said. Truepoint Inc sold 572,667 shares as Amazon Com Inc (AMZN)'s stock rose 28.13%.
Amazon shares slumped more than four per cent yesterday in the wake of the Axios report, and amid a broad decline in the tech sector over the firestorm following revelations of the hijacking of personal data on millions of Facebook users.
First National Trust Co increased its stake in Amazon Com Inc (AMZN) by 22.78% based on its latest 2017Q4 regulatory filing with the SEC.
"The president has expressed his concerns with Amazon". The stock decreased 1.39% or $19.8463 during the last trading session, reaching $1411.5737.
Trump has always been at odds with Amazon founder Jeff Bezos, a vocal opponent of the Republican in the 2016 election campaign.
It's true that a growing number of retail chains have closed stores, scaled back operations or filed for bankruptcy reorganization in recent years, partly due to their inability to keep pace with consumers' shift toward more Internet shopping.
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. White House press secretary Sarah Huckabee Sanders said later Wednesday that the administration isn't considering any changes in policy directed at the company.
"I have my concerns with Amazon long before the Election".
"Amazon is doing great damage to tax-paying retailers. Towns, cities and states throughout the US are being hurt - many jobs being lost!"
The issue with Amazon, which had sales of $178 billion a year ago, mainly is over the sales tax that a consumer might or might not pay when making a purchase on Amazon's website.
Rep. Kristi Noem, a South Dakota Republican, has called for legislation requiring online retailers to collect sales tax. But a sales tax often is not collected on purchases made from third-party sellers that appear on Amazon's website, and critics contend that gives the web platform a price edge over other retailers that are required to collect a sales tax. (NASDAQ:AMZN) was sold by Olsavsky Brian T. Zapolsky David also sold $3.24 million worth of Amazon.com, Inc.
Years ago, when Amazon had few warehouses, it was able to get a competitive advantage by not charging sales tax. Despite Trump's claims, Amazon says it collects state sales taxes in 45 USA states and Washington, D.C. 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?"
Numerous people who take to social media to complain about Amazon don't have much of an impact on the company's overall business.
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