Amazon (NASDAQ:AMZN), and its CEO Jeff Bezos could be in big trouble after a Trump win. The stock has slumped by 3 percent on Thursday on fears that Donald Trump might settle scores with the business once he takes over. Overall, Amazon has fallen by about 5 percent since the election results came out. Early on Thursday, the Amazon shares were down by as much as 6 percent.
But a Trump win hasn’t been bad overall for the stock market. Stocks of private prisons and pharma companies have skyrocketed. Shares of many other businesses have also climbed. However, tech stocks are generally down.
The Amazon stock, though, has seen a great run in recent times. Last January, it was around $500, and in October it went up to $850, a gain of about 70 percent. But on Thursday, it was trading below $730 at one time. But at least, a part of this drop is because of the disappointing quarterly earnings report of the business.
However, analysts still rated the stock as “buy”. But that was before the Trump win.
Trump’s Criticism of Amazon
Donald Trump has voiced his criticism of Amazon a number of times during the campaign. He had said that the business was not paying adequate tax, and had even charged that Bezos was leading a sheltered life because he also owns The Washington Post, a powerful newspaper. Trump had said that it was a “dishonest” newspaper. He even said that once during the campaign that if elected, he will revoke the press credentials of the Washington Post.
Speaking to Fox News, he had said, “Amazon is getting away with murder tax-wise. He’s got a huge antitrust problem because he’s controlling so much, Amazon is controlling so much of what they are doing”. Ironically, Donald Trump has himself admitted that he did not pay federal tax for almost two decades.
Trump has been tweeting against Amazon (NASDAQ:AMZN) and its chief since December 2015. He has always been targeting the Washington Post, along with some other media houses. Generally speaking, the president-elect’s relationships with media houses haven’t been pleasant for quite some time.
Jeff Bezos Jokes About Donald Trump
Bezos and Trump are not having a good relationship clearly. Bezos too had joked about Trump, saying that he will happily send Donald Trump to the moon on the rockets the company is building, while speaking at a conference. He had also joked about Trump not accepting the election results.