Billions more wiped off Amazon’s value after Trump Twitter tirade

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Trump

Amazon has seen its share prices plunge further as the US President continued his public battle with the online retail giant.

Following news last week that Donald Trump planned to “go after” Amazon and citing concerns over its growing power and tax controversies, he has taken to Twitter to attack the company directly.

On Saturday, Trump branded Amazon’s deal with the US Postal Service (USPS) a scam, claiming that USPS would “lose $1.50 on average for each package it delivers for Amazon. That amounts to billions of dollars.”

Regulators have conversely reported that Amazon’s contract with USPS is profitable.

Trump responded:

Last week, US news site Axios reported that Trump was considering using antitrust laws to reduce the company’s growing power.

Its share prices subsequently dropped by five per cent wiping around £20 billion off its market value.

After Trump’s recent Twitter attack, shares dropped a further four per cent in morning trading, wiping billions more of Amazon’s value.

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