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Amazon sheds $53 billion in market value after report on Trump threat
Amazon.com Inc (AMZN.O) shares fell as much as 7.4 percent on Wednesday, wiping about $53.6 billion from its market value after U.S. President Donald Trump reportedly indicated he wanted to rein in the U.S. technology and retail group. Trump talked about changing Amazon's tax treatment because he is worried about mom-and-pop retailers being put out of business, the Axios website reported.
The stock pared losses after a White House official said it did not know of any specific policy changes related to Amazon at the moment, adding that it was always looking at different options on a range of policy issues.
[...] Less than two hours into the trading session, its trading volume had already exceeded the 10-day moving average for a full day. The stock, which fell as low as $1,386.17, was last down 4 percent at $1,439,50, giving it a market value of around $681 billion. The stock was on track for its biggest one-day percentage decline since Jan. 29 2016.
(Score: 4, Insightful) by MostCynical on Thursday March 29 2018, @09:38AM (2 children)
who shorted Amazon? Anyone the Don knows?
"I guess once you start doubting, there's no end to it." -Batou, Ghost in the Shell: Stand Alone Complex
(Score: 5, Funny) by Gaaark on Thursday March 29 2018, @10:17AM
Mueller?
Mueller?
Mueller?
:)
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
(Score: 2) by FatPhil on Thursday March 29 2018, @03:09PM
I think Bezos himself lost 4.6B$ of personaly imaginary worth this week. Musk and Zuckerman haven't done much better either, of course.
"Tech" - it's an abbrieviation for "Train wreck".
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 1, Troll) by Gaaark on Thursday March 29 2018, @10:25AM (4 children)
^This is what is needed: not mega mergers and huge corporations that feed the rich only, but help for the real people and employers and families.
The Donald gets a thumbs up from me?!?! Lawdy lawdy lawdy.
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
(Score: 1, Redundant) by realDonaldTrump on Thursday March 29 2018, @11:20AM (2 children)
Thank you for your support!
Amazon is a no-tax monopoly. But Congress won't go after it. Because the Amazon Washington Post would do one of their lame hit pieces. I have respect for Jeff Bezos, but he bought The Washington Post to have political influence, and I gotta tell you, we have a different country than we used to have. He wants political influence so that Amazon will benefit from it. That's not right.
Believe me, the United States Post Office should be charging MUCH MORE. People don't know this, but they give a very cheap rate to Amazon. And @VP [twitter.com] Pence says Google is much too big too!
(Score: 0) by Anonymous Coward on Thursday March 29 2018, @11:33AM
rdt Yeah, yeah, yeah.
And in 10 minutes you will be spouting off on another tangent...probably that stupid wall.
Support for mom and pop stores? Tell me another one, oh great developer who uses eminent domain to make way for your projects.
Meanwhile Bezos is staying the course because he's focused on money/power and little else. Your administration will go right back to looking the other way.
(Score: 2) by DeathMonkey on Thursday March 29 2018, @07:35PM
Amazon is a no-tax monopoly.
Raise your hand if you pay sales tax on Amazon!
/me raises hand.
If you aren't raising your hand then you live in one of the 5 states that has no sales tax. [wikipedia.org]
(Score: 4, Interesting) by richtopia on Thursday March 29 2018, @04:13PM
I'm typically in favor of anti-trust legislation. However, I'm unsure if e-commerce can handle anti-trust legislation. When I think of completion for Amazon, the first company that pops in my mind is Alibaba. Hurting Amazon may help the small business owner in the USA, or it may just open an opportunity for Alibaba to become the dominate player. And good luck to the US government on regulating a Chinese firm.
(Score: 4, Insightful) by noneof_theabove on Thursday March 29 2018, @12:36PM (1 child)
Amazon and others are not the problem with "main street".
Walmart did the most damage of the "mega super stores" years ago.
Frankly, chopping Walmart off at the knees sounds good to me.
(Score: 4, Interesting) by bob_super on Thursday March 29 2018, @05:41PM
Why not both ?
(maybe because wages have been stagnant, so people need bargains. But by hunting bargains, they get Chinese crap, and US wages remain stagnant, which...)
(Score: 2, Insightful) by John Miller on Thursday March 29 2018, @03:21PM (3 children)
"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!" twitter.com/realDonaldTrump/status/979326715272065024 [twitter.com]
(Score: 2) by DeathMonkey on Thursday March 29 2018, @04:51PM (1 child)
Remember when the government picking winners and losers was a bad thing?
(Score: 3, Informative) by DeathMonkey on Thursday March 29 2018, @04:57PM
Remember when the government picking winners and losers was a bad thing?
Like always, there's a Tweet for it!
It's time for government to stop picking winners & losers. Let’s make sure everyone can achieve the American dream! [twitter.com] Donald J Trump 9:35 AM - 22 Jun 2015
(Score: 4, Interesting) by bob_super on Thursday March 29 2018, @05:44PM
How many people will lose their jobs once Congress is done kneecapping the USPS ?
Maybe, Amazon is protecting US employment, just not retail. :o)