Trump Reportedly Wants To Go After Amazon Tax Treatment; AMZN Stock Falls

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President Donald Trump has long been a strong critic of Amazon.com (NASDAQ: AMZN). He believes that the e-commerce giant is hurting retailers across the United States.

Trump is “obsessed” with Amazon and he wants to go after the company’s tax treatment, according to Axios citing sources.

Some of the President’s wealthy friends are told him that the e-commerce giant is damaging their business. He agreed that shopping malls and brick-and-mortar retailers are going out of business because of Amazon.

One of the sources said Trump is wondering if the government could use the antitrust or competition law against the e-commerce giant.

Last year, the President posted tweets condemning Amazon for “doing great damage to tax paying retailers.” He also blamed the company for “many jobs being lost” across the country.

Trump also claimed last year that Amazon was not paying internet taxes. He also slammed The Washington Post as “fake news.”

In addition, he questioned whether the newspaper is a “lobbyist weapon” to keep politicians from looking into Amazon and its no-tax monopoly.” Jeff Bezos, the founder and CEO of the e-commerce giant owns the newspaper.

In 2015, Trump suggested that Amazon’s stock would “crash” and “crumble like a paper bag” if the company had to pay fair taxes.

Amazon lost over $30 billion in stock value

On Wednesday, Amazon’s stock price declined 4.6% due to the report that the President wants to change the company’s tax treatment. The e-commerce giant lost more than $30 billion in stock value.

Amazon Market Summary
Credits: Google 

At the time of this writing around 2:48 in the afternoon Eastern Time, AMZN stock managed to regain some of its losses earlier. The stock is trading at $1,434 per share.

Currently, Amazon is looking for a home for its second headquarters. The e-commerce giant is reviewing proposals from different cities the United States. It is also exploring Toronto. The company will invest more than $5 billion for the construction and growth of its HQ2. It is expecting that its second headquarters will create 50,000 high-paying jobs.