A moment of sadness for Amazon fans as the e-commerce giant has lost $53 Billion in its market value after some criticism shared by U.S. President Donald Trump. A news website named Axios reported that Donald Trump is not happy with the working of Amazon and wants to make some changes to it.
Trump has shared that he is worried about small-scale retailers and wants to Trump use the antitrust law to fight against Amazon.
Trump even wrote a tweet regarding this:
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
According to Axios, Trump wants to modify the Amazon’s tax treatment, even though the company pays sales tax for the items it sells directly to customers. “Capitol Hill wants Facebook’s blood, but President Trump isn’t interested. Instead, the tech behemoth Trump wants to go after is Amazon,” Axios report read.
Trump believes that Amazon has become too powerful and this is not good for others in the industry as monopoly has a lot of negatives. Talking about Washington Post which is a news agency owned by Jeff Bezos and shares fake news about Amazon.
Trump is criticizing Amazon for Taxes without having any evidence and due to this report, the shares of Amazon has decreased more than 7.4% in a very short span of time. It is a very difficult time for the tech companies because, after Facebook data leak case, every tech giant is seen with the eyes doubt and users are demanding complete inquiry over them. You will be surprised to know that within last 5 trading days Facebook, Amazon, Netflix, Google have lost a combined $168.6 billion in market value.
Amazon hasn’t replied to the allegations of Trump but knowing the mindset of Trump, signs are that Amazon will have to pass through many issues in coming days.