US President Donald Trump has compromised the ethical neutrality of the democratic American government by personally attacking business mogul Jeff Bezos, the practices of his company Amazon, and the journalistic integrity of the Washington Post, which Bezos happens to own. The feud that is sizzling between the President of the United States and the CEO of Amazon extends beyond just the two of them. The stocks of other tech companies are dropping.
Amazon’s stock price dropped by 5%
In the week after Trump’s angry tweet about Amazon not paying enough tax and getting unfairly favourable coverage in the Post and swindling the United States Postal Service, the stock price of Amazon dropped by 5.17% – from $1,450 down to well below $1,400.
This doesn’t sound like a huge difference for one stock, but you have to bear in mind that Amazon is a company with a lot of stocks. It’s worth about $700 billion.
Amazon is not the only company whose stocks have been affected by an angry tweet from Trump. After he linked Facebook to so-called “Crooked Hillary,” the social network’s stock price dropped by about 2.8%. When he slammed the budget for Boeing’s new Air Force One, its stock actually went up about 3.3%. So, negative publicity from Trump isn’t always a bad thing.
