FANG Stocks in Freefall; Amazon Plunges on Trump Retaliation Fears
The comments above & below is an edited and abridged synopsis of an article by Tyler Durden
All the FANG stocks are notably lower, with Amazon crashing over 6% (the worst drop since February 2016); it has broken below its 50-day moving average.
According to 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 Trump says: “He’s wondered aloud if there may be any way to go after Amazon with antitrust or competition law.”
Trump’s antipathy toward Amazon surfaces when discussing tax policy and antitrust cases. The president would love to clip CEO Jeff Bezos’ wings.
Trump’s wealthy friends tell him Amazon is destroying their businesses. His real estate buddies tell him—and he agrees—that Amazon is killing shopping malls and brick-and-mortar retailers.
Trump also pays close attention to the Amazon founder’s ownership of the Washington Post, which the president views as Bezos’s political weapon.
Speculation like this is hardly new, although now it comes at a sensitive time for the tech sector (Amazon in particular), and means that Bezos has lost over $10 billion in net worth since March 28.