Mar 28, 2018 - Technology

Amazon shares tumble on fear of Trump

Mike Allen, author of AM
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Data: Money.net; Chart: Axios Visuals

Amazon shares shed more than $31 billion of value following an Axios report this morning that President Trump has been talking about going after Amazon on taxes or anti-trust grounds.

Be smart: Amazon isn't alone in the pain, as Axios' Dan Primack notes the "so-called FANG stocks have had a terrible week, losing a combined $168.6 billion in market value over the past five trading days."

  • Facebook stock down 8.34%. $42.12 billion in lost market cap.
    Amazon stock down 8.74%. $66.3 billion in lost market cap.
    Netflix stock down 8.5%. $11.49 billion in lost market cap.
    Google stock down 6.52%. $48.67 billion in lost market cap.

What they're saying: White House Press Secretary Sarah Sanders told reporters today that Trump is "always looking to create a level playing field for all businesses and this is no different."

Go deeper: The W.S.J. notes that Amazon and fellow tech stocks are running into the collision of political and economic forces.

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Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3:30 p.m. ET: 12,373,722 — Total deaths: 556,863 — Total recoveries — 6,794,982 — Map.
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Joe Biden at a campaign event in Wilmington, DE. Photo: Alex Wong/Getty Images

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Why it matters: Biden is directly challenging Trump and his "America First" agenda with the release of his latest plan, focused on economic recovery and re-investing in American manufacturing in the wake of the coronavirus pandemic.

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