In a tweet Wednesday morning, President Donald Trump managed to wipe out 5.1 billion dollars in value from Amazon's stock in less than two hours. The President has a habit of calling out companies in tweets, often causing massive drops in share prices, and today was no exception. At 3:32 a.m., President Trump made this tweet, "Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt - many jobs being lost!"
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt - many jobs being lost!</p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/897763049226084352">August 16, 2017</a></blockquote>
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This isn't the first time the former reality television star has gone after Amazon, in a tweet last June, President Trump said, "AmazonWashingtonPost, sometimes referred to as the guardian of Amazon not paying internet taxes." The President's issue with Amazon seems to partially stem from the negative coverage the Washington Post has given Trump over the last several months. The Washington Post is owned by Amazon founder Jeff Bezos. Going back even further to December 2015, President Trump accused Bezos of using the Washington Post as a tax shelter to reduce Amazon's tax burden.
Bezos owns the Washington Post through a holding company. The holding company is not associated with Amazon. Regardless of any tension between Trump and Bezos over media coverage, he does bring up a good point. Businesses like Amazing are crushing local economies by putting small companies out of business. So just how is Amazon giving back to the communities that are making them rich? They certainly seem to be raking in profits while not providing much of anything in return for the small shops and companies they are putting out of business.