Amazon shares fall after Donald Trump reportedly wants to curb its power

Amazon.com Inc shares fell almost 5 percent on Wednesday, wiping more than $30 billion off its market value, after news website Axios reported that U.S. President Donald Trump is obsessed with the world’s largest online retailer and wants to rein in its growing power. Trump has talked about using antitrust law to “go after” the company because he is worried about mom-and-pop retailers being put out of business by Amazon, Axios reported, citing five sources it said had discussed the issue with him.

Trump also wants to change Amazon’s tax treatment, the Axios report said, an issue the president raised publicly last year when he called for an internet tax for online retailers, even though Amazon already collects sales tax on items it sells direct to customers. “The president has said many times before he’s always looking to create a level playing field for all businesses and this is no different,” said White House spokeswoman Sarah Sanders, when asked about the Axios report. “He’s always going to look at different ways, but there aren’t any specific policies on the table at this time.”

Trump has been complaining about Amazon in private, believing the company has become too powerful, another administration official confirmed to Reuters. The official said Trump links this to Amazon Chief Executive Jeff Bezos’ private ownership of the Washington Post, which he has called “fake news” for its critical coverage of his administration. Trump regards the newspaper as a mouthpiece for Bezos’ business interests, calling it #AmazonWashingtonPost on Twitter.

Amazon did not reply to a request for comment on the Axios report.

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