Amazon shares slump after Trump Tweet

Amazon shares slump following another tweet from US President Donald Trump over the tech behemoth's tax payments and relationship with the US postal service.

Amazon shares slump after Trump Tweet

Amazon shares slid sharply Monday, after US President Trump tweeted that Amazon causes the US postal service to lose money. The President has shared his negative views on Amazon more than once and the stock isn’t reacting well to the attention from the White House.

By 1635 BST, Amazon shares were 5.34% lower at $1,370.00. The stock is now well below the $1,500 plus levels of recent weeks, amid Trump’s tone and the broader lack of love for tech stocks.

More Amazon tweets from Trump

Following on from last weeks news that President Trump is definitely not a fan of Amazon, he has tweeted on more than one occasion about how he considers Jeff Bezos’ company has secured unfair tax treatment in the US.

“Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!,” the President tweeted, earlier Monday.

Last week Trump mentioned Amazon in a number of tweets.

“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!,” was one such comment ahead of the Easter weekend.

Amazon cuts Washington lobbying ties

Separately, a report from Bloomberg states the global tech giant has recently cut all ties with a major lobbying firm in Washington and replaced them with new advisers.

Amazon’s new advisers come onboard as the firm makes plans for new tax rules and also amid this open hostility towards the retailer from the President.

“It’s commonplace for us to work with different consultants based on evolving business priorities,” Amazon said in a statement.

Top Equities Brokers

0 Brokers added for comparison:
Clear all