Amazon has seen more than $30 billion (£21.4 billion) wiped off its market share value after rumours surfaced that US President Donald Trump intended to “go after” them.
Shares in the online retail giant fell nearly five per cent yesterday following reports from US news site Axios that Trump was considering using antitrust laws to reduce the company’s growing power.
According to five separate sources which have reportedly discussed the issue with the president, Trump is understood to be concerned that Amazon’s dominance could hinder the rise of independent retailers.
Much like last week’s announcement that the EU is set to revisit tax laws to prevent online giants like Amazon paying disproportionate bills, Trump is reportedly looking at implementing a new “internet tax” that could make a major dent in Amazon’s margins.
Reuters also reported that Trump has been critical of Amazon behind closed doors, branding The Washington Post, owned by Amazon boss Jeff Bezos “fake news” and a mouthpiece for Amazon’s personal interests.
The publication has been largely critical of Trump’s administration.
In response to the article, a White House spokesperson said: “The president has said many times before he’s always looking to create a level playing field for all businesses and this is no different.
“He’s always going to look at different ways, but there aren’t any specific policies on the table at this time.”