Amazon.com Inc. (NASDAQ: AMZN) shares fell Wednesday morning following reports of U.S. President Donald Trump altering the eCommerce giant’s tax treatment, reported by Axios, citing five sources familiar with the matter.
Trump has discussed altering Amazon’s tax treatment because several of his friends have said that the company is hurting their businesses and “killing shopping malls and brick-and-mortar retailers,” says Axios.
"He's obsessed with Amazon," one source told the media outlet. "Obsessed."
It’s no surprise Trump is after Amazon, especially after a tweet he posted last year regarding his position about the company.
"Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt - many jobs being lost!," he tweeted.
The sources told Axios that Trump wanted to go after Amazon with antitrust or competition laws, but as of now, the sources say that Trump does not have a plan yet.
Trump has also attack Amazon’s owned The Washington Post, which he views the business as Amazon’s CEO Jeff Bezos’ political weapon against the administration.
Treasury Secretary Steven Mnuchin hinted last year that the administration may possibly soon take action on Amazon’s tax collection policy.
More recently, Mnuchin told the House Ways and Means Committee hearing back in February that the administration “feels strongly” that the government should implement a sales tax on internet eCommerce sales, according to Fortune.
Amazon shares fell by over 5 percent following the report by Axios.