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Saturday 22 September 2018

Amazon shares fall further after Donald Trump launches fresh attack on Twitter

Amazon fell more than 5pc after reports that President Donald Trump was looking to target the company by changing its tax treatment. Photo: Bloomberg
Amazon fell more than 5pc after reports that President Donald Trump was looking to target the company by changing its tax treatment. Photo: Bloomberg
Independent.ie Business Desk

Shares in Amazon have slumped further after Donald Trump attacked the tech giant on social media over its business practices.

The US president took to Twitter on Thursday to accuse Amazon of paying "little or no taxes to state and local governments".

He said that he had raised such concerns "long before the [2016] election" and that the firm was responsible for "putting many thousands of retailers out of business”.

Shares in the company had already fallen close to 5pc on Wednesday, wiping over $30bn off Amazon's market value.

This occurred after news website Axios reported that Mr Trump wanted to rein in Amazon’s growing power.

According to Axios, Trump wants to change Amazon’s tax treatment, having already called for the implementation of an internet tax for online retailers last year.

Amazon already collects sales tax on items it sells direct to customers.

Chief executive and founder of Amazon, Jeff Bezos, has also come under criticism from Trump.

The US president accused Bezos, who also owns the Washington Post of spreading "fake news" in response to the paper’s coverage of his administration.

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