Trump escalates attacks on Amazon…againBy Sazi Marroquín
The president’s tweet sunk the company’s stock market shares but they bounced back short after
Trump has attacked Amazon and its Chief Executive Jeff Bezos several times, and his latest comment came a day after news website Axios reported he was obsessed with the world’s largest online retailer and wanted to rein in its growing power, possibly with federal antitrust or competition laws.
“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!” Trump tweeted early on Thursday.
<blockquote class="twitter-tweet" data-lang="es"><p lang="en" dir="ltr">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!</p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/979326715272065024?ref_src=twsrc%5Etfw">29 de marzo de 2018</a></blockquote>
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Amazon shares fell as much as 4.5 percent in morning trade, but recovered and closed up just over 1 percent. The stock dropped 5 percent on Wednesday following the Axios report. Amazon declined to comment on the tweet.
The retailer and cloud computing pioneer is the latest company Trump has singled out for praise or condemnation, although the effect on stock prices of his targets is generally short-lived.
Trump’s criticism did not diminish U.S. fund managers’ long-term enthusiasm for Amazon, whose stock has risen more than five-fold in the last five years.
“If there really was teeth or real concern that something would come out of the government and regulatory oversight, Amazon’s stock drop would be a lot lower than it is today,” said Robert Bacarella, portfolio manager at Monetta Financial Services in Wheaton, Illinois, which holds Amazon shares.
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