Donald Trump used his greatest resource as the President of the United States of America to lose Amazon $6 billion in value: Twitter.
In his latest Twitter session, Trump condemned Amazon on their “doing great damage to tax paying retailers,” resulting in the loss of jobs.
Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt – many jobs being lost!
— Donald J. Trump (@realDonaldTrump) August 16, 2017
That immediately sent Amazon shares down sharply, resulting in a decline of around $6 billion of the company’s market capitalization in a matter of minutes.
The power of Trump’s tweets!
Although this really doesn’t do that much for Amazon, valued at $460 billion, It does highlight growing concern that Trump may be willing to target Amazon. The company has already stirred rumblings about the need for greater regulation to limit the company’s growing power.
Amazon began to draw Trump’s ire in late 2015 due to CEO Jeff Bezos’s ownership of the Washington Post, which aggressively reported on the Trump campaign. FAKE NEWS!
Trump went right after Bezos, claiming he only bought the Post to reduce taxes for Amazon. This, however, does not make sense considering Amazon and Post are completely separate companies.
— Donald J. Trump (@realDonaldTrump) December 7, 2015
Trump has then sent three separate tweets about Amazon, including a threat of “internet tax” for the company.
The #AmazonWashingtonPost, sometimes referred to as the guardian of Amazon not paying internet taxes (which they should) is FAKE NEWS!
— Donald J. Trump (@realDonaldTrump) June 28, 2017
Trump’s latest tweet on Wednesday appears to have been spurred by a Washington Post editorial published Tuesday night entitled “The nation can only weep,” which calls out Trump’s response after Charlottesville.
“That car in Charlottesville did not kill or wound just the 20 bodies it struck. It damaged the nation. Mr. Trump not only failed to help the country heal; he made the wound wider and deeper,” the Post editorial wrote.