(Reuters) – Amazon.com Inc's ( AMZN.O ) shares fell by as much as 7 percent on Wednesday and are down about $ 52 billion from a report by US President Donald Market value of the company extinguished Trump wants to pursue the US technology giant.
Trump has spoken about changing Amazon's tax treatment because he's worried about mom-and-pop retailers being taken off the market, Axios reported on Wednesday.
Amazon could not be reached immediately for a comment.
"Capitol Hill wants Facebook blood, but President Trump is not interested in. Instead, the tech monster Trump wants to prosecute wants to be" Amazon, "the news website said, citing five sources that discussed the issue with him
The report comes at a time when tech stocks are already under pressure after Facebook Inc. ( FB.O ) earlier this month confirmed that user data was being unlawfully harvested by a consulting firm.
"With Facebook and regulatory concerns, the last thing nervous tech investors wanted to see was news that Trump is targeting Bezos and Amazon over the coming months, as this remains a persistent cloud over the stock and the risk profile in the eyes of the Street, "said GBH Insights analyst Daniel Ives.
Trump had previously criticized Amazon and its founder and chief executive Jeff Bezos, who, according to Forbes, also r sichste human in the world with a net wealth of more than 100 billion dollars.
Bezos also owns the Washington Post, a newspaper that Trump repeatedly criticized in his critiques of the media.
"He's obsessed with Amazon," a source told Axios.
Reporting by Sonam Rai in Bengaluru; Arrangement of Saumyadeb Chakrabarty