Amazon Shares Collapse on Report that Trump May be After the Company

Amazon shares were trading lower on Wednesday after a report from Axios indicated that President Trump may want to “go after” the e-commerce giant over taxes.

The report on Wednesday, which cited sources, said that President Trump is obsessed with the company and that he wants to “go after” it.

According to the Axios report, the president has discussed changing Amazon’s tax treatment because several of his friends told him Amazon is hurting their businesses and that the company is “killing shopping malls and brick-and-mortar retailers.”

The White House denied the report with press secretary Sarah Huckabee Sanders stating, “We have no announcement and no specific policies we are pushing for.” The statement was in relation to Amazon.

The report may have led to big losses for Amazon, but several retail stocks which rival the company were trading high in the green.

It was last August that President Trump tweeted, “Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt – many jobs being lost!”

Disclaimer: We have no position in Amazon.com, Inc. (NASDAQ: AMZN) and have not been compensated for this article.