Only one Trump's tweet depreciated market cost of Amazon

Thu, 17.08.2017 15:34

Donald Trump briefly wiped around $5.7bn off the stock marketvaluation of Amazon on Wednesday, with a tweet attacking the online retail giant for “doing great damage to tax paying retailers”.

Amazon’s shares lost 1.2 per cent of their value in two hours of pre-market trading after Mr Trump's comments. They regained the lost value after markets opened in New York, trading down up 0.33 per cent by lunchtime.

The President tweeted: “Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the US are being hurt - many jobs being lost!”

Mr Trump has previously criticised Amazon and the Washington Post, owned by Amazon founder Jeff Bezos, for its coverage. In June, Mr Trump tweeted: “AmazonWashingtonPost, sometimes referred to as the guardian of Amazon not paying internet taxes".

In December 2015, Mr Trump accused Mr Bezos of using the Washington Post as a tax shelter to reduce Amazon's tax bill. Mr Trump claimed that Amazon’s stock would “crumble like a paper bag” if it could not use this arrangement.

Mr Bezos owns the Washington Post via a holding company which is not linked to Amazon. 

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Source: Independent

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