President Donald Trump is looking for ways to knock Internet retail giant Amazon down a few pegs, with a source saying he’s ‘obsessed’ with the company owned by billionaire Jeff Bezos.
An Axios report on Wednesday revealing Trump’s plot to put strict new regulations on the company may have already had the intended effect, with Amazon stock plunging by nearly $40 billion in value.
Bezos takes a personal hit of $6.1 billion from the market dip for the e-commerce behemoth.
President Donald Trump is looking for ways to knock Internet retail giant Amazon down a few pegs, with a source saying he’s ‘obsessed’ with the company owned by billionaire Jeff Bezos
Axios drove the market with a report based on the word of five sources who said that Trump was pondering ways to ‘go after’ Amazon.
‘He’s obsessed with Amazon,’ a source said told the news website. ‘Obsessed.’
Trump’s desire to further regulate Amazon has been inflamed by his wealthy friends’ complaints that lax Internet commerce rules are killing their businesses, Axios reported.
The president also believes that Amazon’s thriving business model is hurting mom and pop stores that are owned by people who voted for him.
A source told Axios that Trump has also blamed Amazon for losses suffered by the U.S. Post Office.
‘The whole post office thing, that’s very much a perception he has,’ the source said. ‘It’s been explained to him in multiple meetings that his perception is inaccurate and that the post office actually makes a ton of money from Amazon.’
Still, Trump is said to be actively seeking to come after Amazon using antitrust or competition law, another source told Axios.
Amazon’s stock share fell 5.4 percent on Wednesday, CNBC says, after the damaging Axios report ran. That’s nearly $40 billion in losses for the company in one day.
Bezos is also the owner of The Washington Post, which Trump has labeled ‘fake news’ because of the stories it has done on him that he says are false representations.
A June 28 2017 tweet dubbed the two companies that have totally separate leadership structures the ‘AmazonWashingtonPost’ and described the newspaper as the ‘guardian’ of the retail division and the reason that Amazon does not have to pay an Internet sales tax.
‘Which they should,’ he stated.
An August 16, 2017 tweet claimed ‘Amazon is doing great damage to tax paying retailers.
‘Towns, cities and states throughout the U.S. are being hurt – many jobs being lost!’ he said.
Throughout his presidential campaign, Trump made similar assaults on The Post, Amazon and Bezos, who attended a meeting last year for the tech industry at the White House.