For years, USPS has been losing money because of its yearly payments or more than $5 billion. The Congress mandated the post office to prefund the pension and health benefits for its retirees.
Amazon lost almost $45 billion in market value
Investors are becoming increasingly worried about Trump’s attacks on Amazon, which could encounter additional regulation. Last week, Axios reported that the President is wondering if the government could use antitrust or competition law to go after the company.
Earlier on Monday, Amazon lost nearly $45 billion in market value. AMZN shares went down to as low as $1,361 per share, down by almost 6%.
At the time of this writing, around 2:32 PM Easter Time, the company’s shares were trading $1,371.71 per share, still down 5.26%.
On Saturday, Trump claimed that Amazon is not paying enough taxes to local and state governments. He criticized the e-commerce giant’s contract with USPS as a “scam.” He suggested that if the post office will raise its parcel rates, Amazon’s shipping costs would increase by $2.6 billion.
