Amazon shares fall after Trump's Twitter attacks

Amazon shares fall after Trump's Twitter attacks

Amazon shares took a hit after President Donald Trump attacked the online store on social media, this time accusing it of not being on a "level playing field" with “fully tax paying retailers” and of ripping off the US postal service.

Trump tweeted yesterday (Monday 2nd April): “Only fools, or worse, are saying that our money-losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!”

He also said that the US Post Office would lose $1.50 (£1.07) "on average for each package it delivers for Amazon", which amounts to “billions of dollars”, although this claim has been disputed.

According to the BBC, supporters of Amazon have said that the Postal Regulatory Commission, which oversees the industry, has found that the US Postal Service makes a profit from its contract with the company, which in turn helps subsidise the costs of letter delivery, and this avoids the need for price rises.

In his Twitter attacks, Trump also accused the Washington Post, which is owned by Amazon founder Jeff Bezos, of being a "lobbyist" for the online retailer.

The president has for a long time been critical of Amazon, with the Bezos-owned Washington Post, along with most mainstream media, continuing to report on stories relating to Trump, including the continuing investigation into links between the Trump election campaign and Russia, as well has his alleged relationship with porn star Stormy Daniels.

Amazon shares fell 5% to $1,372 following the tweets.