Amazon shares are down 7% today and almost 11% in the last two days, breaking below its 50DMA, amid a broad tech unwind contagion and growing concerns about government crackdowns from “obsessed” Trump.
The reason is that according to Axios, it is not Facebook that Trump wants to go after, but rather Amazon: “He’s obsessed with Amazon,” a source said. “Obsessed.” According to the anonymous sources, Trump has allegedly talked about changing Amazon’s tax treatment because he’s worried about mom-and-pop retailers being put out of business.
A source who’s spoken to POTUS: “He’s wondered aloud if there may be any way to go after Amazon with antitrust or competition law.”
Trump’s deep-seated antipathy toward Amazon surfaces when discussing tax policy and antitrust cases. The president would love to clip CEO Jeff Bezos’ wings. But he doesn’t have a plan to make that happen.
Behind the president’s…
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