UNITED NEWS INTERNATIONAL (UNI) — Amazon’s market value dropped $53 billion following a report that President Donald Trump is “obsessed” with the company and wants to rein in the tech giant’s growing power.
News outlet Axios first reported on March 28 that Trump is considering changing Amazon’s tax treatment because he’s worried the company is putting mom-and-pop retailers out of business.
According to five sources quoted in the report, Trump believes that Amazon has become too powerful and is considering an internet tax for online retailers.
Amazon’s shares quickly fell 7 percent following the report.
In a tweet Thursday, Trump confirmed his “concerns” with Amazon.
However, White House press secretary Sarah Huckabee Sanders said that while the president is “always looking to create a level playing field for all businesses… there aren’t any specific policies on the table at this time.”