Amazon.com, Inc. (NASDAQ:AMZN) stock was down 1.63% in early afternoon trading on March 29. The online retailer has been made the target of President Donald Trump in recent days, rattling investors.
On Thursday morning Trump tweeted; “I have stated my concerns with Amazon long before the Election . . . 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!”
This is not the first time Trump has taken aim at Amazon. The disruptive Amazon business model stands in opposition to Trump’s affinity for old guard brick-and-mortar retailers and shopping malls. However, White House Press Secretary Sarah Sanders said that the Trump administration is planning to take no specific action against Amazon or any other retailer in the near future.
The rivalry between Trump and Amazon goes deeper than its business model. The Washington Post was purchased by Amazon Founder and CEO Jeff Bezos in October 2013 for $250 million. Considered one of the premier “newspapers of record” along with the New York Times, the Washington Post has published numerous leaks from the Trump White House since the inauguration. On numerous occasions Trump has referred to it as the “Amazon Washington Post”.
Amazon stock has shed 9% week over week in the midst of broader volatility and the criticism from the President. Since no concrete policy is imminent, this could be seen as a buying opportunity.
Tech Insider
