Yahoo Finance Donald Trump wiped billions off Amazon's value with just one angry tweet
Donald Trump wiped about $5.7 billion off the value of Amazon stock after he fired off another inflammatory tweet.
The US president criticised the online retail giant for “doing great damage to tax paying retailers”.
Shares fell 1.2% ahead of the opening bell after Trump’s comments, the latest in a number of attacks on Amazon.
MORE: Amazon continues heady UK expansion with new distribution centre
In his latest broadside, Trump said: “Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the US are being hurt – many jobs being lost!”
There appeared to be nothing specific to spark the tweet. Shares later recovered to trade about 0.5% down.
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
Many bricks-and-mortar stores in the US are struggling as shoppers turn increasingly to the internet – just as in the UK.
Amazon – which is in the process of opening physical shops – says it wants to recruit 100,000 more workers by the middle of next year.
Now that Ken Frazier of Merck Pharma has resigned from President’s Manufacturing Council,he will have more time to LOWER RIPOFF DRUG PRICES!
— Donald J. Trump (@realDonaldTrump) August 14, 2017
Previously, Trump has criticised Amazon and the Washington Post, owned by Amazon founder Jeff Bezos, for its coverage of his presidency.
MORE: Shrinkflation bites again as famous Walnut Whip becomes the ‘Walnot’ Whip
In June, Mr Trump tweeted: “AmazonWashingtonPost, sometimes referred to as the guardian of Amazon not paying internet taxes.”
His tweet on Wednesday came as a reporter for the Washington Post appeared on CNN’s New Day show discussing criticism of Trump’s comments in the wake of weekend violence in Charlottesville, Virginia.
On Tuesday, Trump inflamed tensions over a rally by white nationalists in the town by insisting that counter protesters were also to blame, drawing condemnation from some Republican leaders and praise from white supremacists.
MORE: Pound jumps as wage growth closes the gap with inflation
The irascible president regularly falls out with business leaders. Earlier this week, Ken Frazier, boss of pharma giant Merck quit the American Manufacturing Council after Trump’s comments over Charlottesville.
In response, the president fired back on Twitter: “Now that Ken Frazier of Merck Pharma has resigned from President’s Manufacturing Council, he will have more time to LOWER RIPOFF DRUG PRICES!”
