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Amazon shares drop after Trump launches fresh attack Amazon shares drop after Trump launches fresh attack
(35 minutes later)
Shares in Amazon deepened losses on Thursday, having already slumped dramatically earlier in the week, after Donald Trump openly attacked the tech giant on social media over its business practices.Shares in Amazon deepened losses on Thursday, having already slumped dramatically earlier in the week, after Donald Trump openly attacked the tech giant on social media over its business practices.
The US President took to Twitter earlier in the day to accuse Amazon of paying “little or no taxes to state and local governments” and said that he had raised such concerns “long before the [2016] election”. The US president took to Twitter earlier in the day to accuse Amazon of paying “little or no taxes to state and local governments”. He said that he had raised such concerns “long before the [2016] election” and that the e-commerce giant was responsible for “putting many thousands of retailers out of business”.
Mr Trump said that the e-commerce giant was responsible for “putting many thousands of retailers out of business”. Already on Wednesday shares in the company slumped close to 5 per cent, shaving more than $30bn (£21.4bn) off its market value, after news website Axios reported that Mr Trump wanted to rein in Amazon’s growing power.
Already on Wednesday shares in the company slumped close to 4 per cent, shaving more than $30bn (£21.4bn) off its market value, after news website Axios reported that Mr Trump wanted to rein in Amazon’s growing power. On Thursday morning, Amazon’s shares were down more than 2 per cent shortly after the stock market open taking losses for the week to well over 6 per cent.
On Thursday morning, Amazon’s shares were down around 2 per cent shortly after the stock market open.  According to the Axios report, the president wants to change Amazon’s tax treatment. Last year he already called for the implementation of an internet tax for online retailers, even though Amazon already collects sales tax on items it sells direct to customers.
More follows… Mr Trump has for some time been a vocal critic of Amazon and its chief executive and founder, Jeff Bezos, who currently tops Bloomberg's Billionaire index with an estimated net worth of $120bn.
Mr Bezos also owns the Washington Post, which the president has accused of spreading “fake news” in response to the paper’s critical coverage of his administration. 
Tech stocks more broadly have suffered a severe slide in recent days, partially triggered by the prospect of greater regulation in the wake of Facebook admitting that user data had been improperly harvested by Cambridge Analytica.