Amazon’s stock took a big hit on Wednesday after a report that President Donald Trump wants to go after the ecommerce retailer.
The President, according to an Axios report, believes Amazon is hurting shopping malls and brick-and-mortar retail businesses. Amazon’s stock dropped steeply -- 7% -- in mid-Wednesday morning trading to $1,391.
Also, a source in the Axios report said: “[Trump] wondered aloud if there may be any way to go after Amazon with antitrust or competition law."
Among other revenue growth areas, Amazon is looking to dramatically increase its advertising business -- estimated by a J.P. Morgan analyst to be $2.8 billion in 2017 ad revenue. It is expected to rise to $6.6 billion in 2019.
Recently, Amazon has made major efforts to hire as many as 50,000 new employees in many cities in fullfillment centers, as well as looking for a new second headquarters.
This isn’t the first time Trump has had concerns over Amazon.
In an August 2017 tweet he wrote: “Amazon is doing great damage to tax-paying retailers. Towns, cities and states throughout the U.S. are being hurt — many jobs being lost!”
Trump also took aim at the "Amazon Washington Post" on Twitter. Jeff Bezos, CEO of Amazon, owns The Washington Post. Steven Mnuchin, U.S.Treasury Secretary, has mulled whether the administration should take look at Amazon's tax collection policy.