Donald Trump Drags Amazon On Twitter Following A Loss In Market Value

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The tweet comes a day after Axios reported that the president has been "obsessed" with Amazon, focusing on how the company is taxed and how the company uses the United States Postal Service. Truepoint Inc sold 572,667 shares as Amazon Com Inc (AMZN)'s stock rose 28.13%. Shares dipped more than 4 percent, while falling an additional 3.8 percent earlier Thursday morning. That lopped $31.8 billion off the Seattle-based company's total stock market value, to $693 billion.

Amazon is one of the so-called FANG stocks that lead the technology sector: Facebook Inc., Amazon, Netflix Inc. and Google, now part of Alphabet Inc.

Other critics of Amazon have argued it has become too powerful, because of its dominance of online retail, which could be increased with its acquisition of the Whole Foods grocery chain. The stock decreased 2.60% or $37.22 during the last trading session, reaching $1394.2.

Trump took a jab at Amazon, calling it a "no profit company", and at the Bezos-owned The Washington Post, saying it's "losing a fortune".

In late 2017, Trump said Amazon should pay "much more" in fees for delivery.

It is clearly true that consumers' shift to e-commerce companies like Amazon has forced many traditional retailers to close stores.

"The president has talked about the need to have tax parity between online retailers and brick-and-mortar retailers", White House spokesman Raj Shah said on Fox News on Thursday. White House Press Secretary Sarah Huckabee Sanders said Wednesday that "we have no announcements and no specific policies or actions that we're now pushing forward or considering".

The White House told reporters on Thursday that the president now does not have a plan to make changes as it comes to Amazon, but is consistently attempting to find ways to "level the playing field" for businesses in the US.

Trump has tweeted about Amazon several times since his election, and the Washington Post has come under attack as well.

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The president has always been vocal with his disapproval of Amazon. Unlike the bitterly partisan fights over media coverage, though, Trump's tweet appeared to strike a chord with people on either side of the aisle given the state of retail lately. Amazon does not have to collect taxes on third-party or marketplace sellers. "Towns, cities, and states throughout the USA are being hurt - many jobs being lost!", Trump had tweeted at that time. Its North American sales came to $106 billion previous year, suggesting that it collects billions in sales taxes for various states.

Rep. Kristi Noem, a South Dakota Republican, has called for legislation requiring online retailers to collect sales tax.

The Supreme Court will also be hearing arguments related to internet sales taxes later this year.

Amazon fought for years against collecting sales tax but now collects taxes nationwide.

Trump also complained December 29 that the loss-ridden U.S. Postal Service wasn't charging Amazon enough to deliver the retailer's packages.

Numerous people who take to social media to complain about Amazon don't have much of an impact on the company's overall business.

Amazon declined to comment on the tweet.

Amazon's partnership with the U.S. Postal Service is reviewed annually by the Postal Regulatory Commission, an oversight agency that also sets the rates that Amazon pays for shipping.