President Donald Trump insisted via a Twitter message Tuesday that Amazon costs the U.S. Post Office “massive amounts of money,” the latest in a series of public attacks against the e-commerce giant.
Trump’s Twitter message—the fourth in less than a week aimed at Amazon—pushed the company’s share price down 2.6% to $1,355.33. Unlike in previous public bashings, Amazon shares (AMZN) rebounded and were back up to $1,391.02 by 11:20 a.m. ET on Tuesday.
Trump closed the tweet by stoking the conspiracy theory fire.
I am right about Amazon costing the United States Post Office massive amounts of money for being their Delivery Boy. Amazon should pay these costs (plus) and not have them bourne by the American Taxpayer. Many billions of dollars. P.O. leaders don’t have a clue (or do they?)!
— Donald J. Trump (@realDonaldTrump) April 3, 2018
Amazon shares have taken a hit in the past week as Trump has ramped up his criticism of the company. Amazon’s shares were trading at $1,555.86 on Mar. 26 before the latest attacks began. Amazon lost about $53 billion in market value on Mar. 28 after Axios reported that the president is “obsessed” with regulating the e-commerce company. Amazon’s founder and chief executive officer, Jeff Bezos, also owns the Washington Post newspaper.
Trump has attacked Amazon before. However, this week the president has been particularly focused on Amazon.
Trump’s unrelenting criticism has centered on Amazon’s use of the postal service, the taxes the company pays, and its role in the demise of small retailers.
Amazon has a confidential deal with the U.S. Postal Service, which is independently operated. The company regularly uses the postal service to complete its final leg—or last mile—of delivery. Amazon sorts packages by zip codes at its 20 sort centers. The packages are then delivered to post offices, which carry out the final segment of delivery.