Amazon shares dip following Trump's reported desire to regulate it

Amazon shares dip following Trump's reported desire to regulate it

Amazon shares are taking a hit following reports that President TrumpDonald John TrumpGOP divided over impeachment trial strategy Official testifies that Bolton had 'one-on-one meeting' with Trump over Ukraine aid Louisiana governor wins re-election MORE wants to go after the technology company with new regulations.

Citing five anonymous sources who have discussed the company with Trump, Axios reported on Wednesday that Trump is “obsessed” with Amazon and is mulling going after the company with an antitrust law.

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Amazon’s share price dipped by 6 percent following the news, a nearly $40 billion loss in market capitalization.

Trump has consistently targeted the company and its founder and CEO, Jeff Bezos, since his presidential campaign.

On Twitter last year, Trump hammered Amazon for hurting local retailers.

In a 2016 statement, the Trump campaign said that Amazon has “monopolistic tendencies that have led to the destruction of department stores and the retail industry.”  

Trump has also attacked The Washington Post, which is owned by Bezos.

“The Amazon Washington Post fabricated the facts on my ending massive, dangerous, and wasteful payments to Syrian rebels fighting Assad,” Trump tweeted in July.

The two companies operate independently of one other. 

Trump’s scrutiny of Amazon comes amid growing criticism about the size of some technology companies like Amazon, Google and Facebook, which some groups say might pose anti-competitive concerns.