Amazon stock market value falls by $5bn after critical Trump tweet

[Eugene]

LBN thread: Trump accuses Amazon of hurting 'tax paying retailers'

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Source: The Guardian and agencies

Amazon stock market value falls by $5bn after critical Trump tweet

President accuses company of ‘doing great damage to tax paying retailers’, leading to ‘many jobs being lost’ – despite own failure to release tax returns

Guardian staff and agencies
Wednesday 16 August 2017 17.15 BST

Donald Trump wiped over $5bn off Amazon’s stock market valuation on Wednesday with a tweet accusing the company of “doing great damage to tax paying retailers”.

Trump tweeted that “towns, cities and states throughout the U.S. are being hurt - many jobs being lost!”

Link to tweet

Trump himself has been criticized for breaking with precedent and not releasing his tax returns, and asked, during a presidential debate, about disclosures that he could have paid no federal tax for 18 years, he remarked: “That makes me smart.”

The president has often criticized Amazon and its CEO, Jeff Bezos, who also owns the Washington Post. The paper has published a number of highly damaging scoops about Trump since he took office.

-snip-

Read more: https://www.theguardian.com/us-news/2017/aug/16/trump-amazon-taxes-tweet

[geek tragedy]

1. people panic-selling deserve to lose their money

Amazon favors expanding federal enforcement/collection of sales taxes on internet purchases.

[Egnever]

5. agreed

And it is not at all clear that amazon is actually taking jobs.



https://www.ft.com/content/cf98680c-738f-11e7-aca6-c6bd07df1a3c

The jobs created are harder to pinpoint. Amazon employs fewer than three times as many people in the US as Walmart did in 1985, when its founder Sam Walton was crowned America’s richest person — despite having five times the inflation-adjusted revenue. But whereas Walmart ran most of its logistics in house, Amazon relies extensively on parcel carriers and agency workers; UPS alone has added 100,000 jobs in the past 16 years. 

Officials do not count these as retail jobs. But Michael Mandel, an economist at the Progressive Policy Institute in Washington, reckons that once warehouse workers are taken into account, new ecommerce jobs outnumber brick-and-mortar losses by 54,000 over the past year.

[Foamfollower]

2. Amazon pays taxes in nearly every state now.

[Angry Dragon]

3. how about all the foreign workers Trump brings in??

send them back

[Initech]

4. Shut the fuck up Donnie!

[HAB911]

6. GOOD

Bezos still sells Trump Shit

[workinclasszero]

11. Did he back Trump and the republicans in the election??

If so.....

Suck to be a republican stock holder of amazon right now!

[HAB911]

15. Still advertising on Breitbart too

Link to tweet

[workinclasszero]

16. What an asshole!

Is he tired of winning yet?

[The Velveteen Ocelot]

7. Why would any investor take Trump's tweets seriously

and use them to make investment decisions?

[jmowreader]

8. Uh-huh

So tell me, Two Scoops, about the damage your imported merchandise and imported laborers did.

[tblue37]

9. Can they sue him? nt

[MineralMan]

10. Interesting dilemma. Amazon does hurt local retailers, but

here in Minnesota it recently opened a new distribution center near the Twin Cities that is hiring tons of employees, all at hourly rates well above the minimum wage here. It's probably a difficult, fast-paced work environment, but they're hiring the crap out of workers here. On the other hand, they're also using gig-economy drivers for local deliveries and those workers are contractors and are not faring nearly so well.

It's a mixed bag.

[VMA131Marine]

12. Whatever happened to the government not picking winners and losers?

If Trump's following Putin's path, Bezos better watch out lest he become the next Mikhail Khodorkovsky

[Binkie The Clown]

13. And the smart money is buying Amazon and bargain prices. n/t

[Brother Buzz]

14. One single Trump tweet could tank the entire stock market

Think about it