Amazon Stock Falls After Trump Tweetstorm
The e-commerce giant's shares slid by more than 5 percent on Monday.
Amazon stock closed Monday down more than 5 percent after a weekend tweetstorm by President Donald Trump that linked the e-commerce giant to the decline of the U.S. Postal Service.
Shares of the e-tailer closed the day at $1,371.99, down more than $75 from its Friday close following Trump's negative tweets.
The president has regularly targeted Amazon and Jeff Bezos, its billionaire founder and CEO. Bezos is also the owner of The Washington Post, which has been tough on Trump during his first year in the White House.
On Saturday, President Trump renewed his rhetoric about Amazon, with a series of critical tweets that used unsourced data to blame the company for losses at the Postal Service. Amazon works with USPS to guarantee free, two-day shipping to members of its Prime subscription program.
While we are on the subject, it is reported that the U.S. Post Office will lose $1.50 on average for each package it delivers for Amazon. That amounts to Billions of Dollars. The Failing N.Y. Times reports that “the size of the company’s lobbying staff has ballooned,” and that...— Donald J. Trump (@realDonaldTrump) March 31, 2018
...does not include the Fake Washington Post, which is used as a “lobbyist” and should so REGISTER. If the P.O. “increased its parcel rates, Amazon’s shipping costs would rise by $2.6 Billion.” This Post Office scam must stop. Amazon must pay real costs (and taxes) now!— Donald J. Trump (@realDonaldTrump) March 31, 2018
Trump picked up the thread again on Monday with a new tweet reiterating his point that Amazon was contributing to declines at USPS, calling anyone who believed otherwise "fools, or worse."
Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!— Donald J. Trump (@realDonaldTrump) April 2, 2018
Amazon lost $53 billion in market value last week after Axios reported that Trump is "obsessed" with regulating the company.
The e-tailer's losses weren't isolated, however. The S&P 500 and Dow Jones both closed down around 2 percent on Monday. The stock slump impacted other major technology companies, too, including Netflix (down 5.1 percent) and Alphabet (down 2.45 percent).
Amazon shares were flat during after-hours trading on the Nasdaq.