Amazon Stock Drops After Trump Tweet: Eight Times He's Bashed The Company, Bezos
Many of the people who take to social media to complain about Amazon don't have much of an impact on the company's overall business. But when President Donald Trump tweets, the company loses value.
Trump has raised concerns about Amazon's tax rate in the past, and recent rumors that he was considering a change in tax treatment caused a drop in the company's stock value earlier this week.
Thursday morning tweet reiterating his past concerns caused another drop in Amazon's value. Amazon closed Wednesday afternoon at $1,431 per share and by the time it opened Thursday, after the president's tweet, it was selling at $1,406.
I have stated my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!
— Donald J. Trump (@realDonaldTrump) March 29, 2018
Trump has gone after Amazon and its billionaire owner Jeff Bezos plenty of times in the past.
Over the summer, Trump tweeted that the company was doing "great damage" to other retailers and was hurting towns and cities all across the country.
Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt - many jobs being lost!
— Donald J. Trump (@realDonaldTrump) August 16, 2017
In December, he went after the United States Post Office and said it, "should be charging MUCH MORE!" The USPS delivers Amazon's packages and even expanded delivery to include Sundays. Amazon released a statement in 2017 that said, "The Postal Regulatory Commission has consistently found that Amazon's contracts with the USPS are profitable," Fortune reported.
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? Should be charging MUCH MORE!
— Donald J. Trump (@realDonaldTrump) December 29, 2017
In 2015, Trump said that Amazon would tank if it ever had to pay "fair" taxes.
If @amazon ever had to pay fair taxes, its stock would crash and it would crumble like a paper bag. The @washingtonpost scam is saving it!
— Donald J. Trump (@realDonaldTrump) December 7, 2015
Trump also went after The Washington Post in a series of tweets, which is owned by Bezos, and said the paper wasn't paying internet taxes.
The #AmazonWashingtonPost, sometimes referred to as the guardian of Amazon not paying internet taxes (which they should) is FAKE NEWS!
— Donald J. Trump (@realDonaldTrump) June 28, 2017
The @washingtonpost, which loses a fortune, is owned by @JeffBezos for purposes of keeping taxes down at his no profit company, @amazon.
— Donald J. Trump (@realDonaldTrump) December 7, 2015
The @washingtonpost loses money (a deduction) and gives owner @JeffBezos power to screw public on low taxation of @Amazon! Big tax shelter
— Donald J. Trump (@realDonaldTrump) December 7, 2015
Trump also said that the paper is simply a front for Bezos and his other company.
Is Fake News Washington Post being used as a lobbyist weapon against Congress to keep Politicians from looking into Amazon no-tax monopoly?
— Donald J. Trump (@realDonaldTrump) July 25, 2017
At Wednesday's White House press briefing, Press Secretary Sarah Huckabee Sanders addressed rumors that the president has a plan for Amazon.
"Look, the president has said many times before he's always looking to create a level playing field for all businesses, and this is no different. And he's going to always look at different ways, but there aren't any specific policies on the table at this time," she said.
