Home / Tech / Amazon’s stock drops again as Trump renews Twitter attacks

Amazon’s stock drops again as Trump renews Twitter attacks

Shares of Amazon fell four % on Monday after President Donald Trump again attacked the net store over the pricing of its deliveries during the United States Postal Service and promised unspecified adjustments.

“Only fools, or worse, are saying that our money losing Post Office makes money with Amazon,” Trump tweeted.

“They lose a fortune, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country…not a level playing field!”

Trump has been vocal about its opposition to Amazon’s use of the postal carrier and Monday’s tweet provides to investor worries that the corporate may just see extra legislation.

Amazon didn’t instantly reply to requests for a remark.

Details of Amazon’s bills to the United States Postal Service don’t seem to be publicly identified, however some Wall Street analysts have estimated it can pay the postal carrier kind of part what it might to United Parcel Service or FedEx to ship a package deal.

“President Trump’s comments are consistent with industry sources we have spoken to in the shipping industry, who often label Amazon’s deal with the USPS as a sweetheart deal,” DA Davidson analyst Tom Forte wrote in a word.

“An argument, however, could be made that the USPS was losing billions before it expanded its service offerings for Amazon and would, still, likely lose billions if Amazon discontinued its use of the USPS tomorrow,” Forte mentioned.

Trump remaining Thursday accused Amazon of now not paying sufficient tax, making the postal gadget lose cash and striking small outlets into chapter 11.

But he presented no proof to again up his criticisms and didn’t recommend any movements he would take.

Amazon stocks have won just about 20 % this 12 months giving the corporate a marketplace price of about $700 billion.

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