Who says name-calling doesn’t hurt? Amazon investors can measure the pain of President Trump’s Twitter attacks over the past three trading days in dollars.
They’ve lost a collective $260 billion as the e-commerce giant’s shares tumbled 2.8 percent since the president’s March 29 renewal of his social-media onslaught against the company run by Washington Post owner Jeff Bezos. It’s a bigger slide than the 0.9 percent decline on the S&P 500 index as well as drops of 1 percent and 1.7 percent on competitors Netflix and Walmart, respectively.
During that time, the president has argued that Seattle-based Amazon pays insufficient taxes, under-compensates the Postal Service for delivery of its packages and exploits the Post for lobbying purposes. Axios, meanwhile, reported that Trump has mused using anti-trust laws to rein in Amazon, which boasted a value of $935 billion before his most recent Twitter barrage.
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Trump's Twitter attacks take a $260 billion bite out of Amazon https://t.co/yeB5v19705 pic.twitter.com/aa9S4m4PfE
— Washington Examiner (@dcexaminer) April 3, 2018
I’ve heard that Bezos is considering some kind of legal action. I hope he does and I hope he wins. It’s not right for the President of the United States to take down a private business like this.
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