| Title | Amazon Market Value Temporarily Drops $53 Billion Due to Report of Tax Threats by President Trump | |
| Date | Thursday March 29 2018, @08:59AM | |
| Author | martyb | |
| Topic | ||
| from the Bile-hoe!-Cell-hi! dept. | ||
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.
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