Transcript for Amazon stock falls amid report Trump wants to regulate
We have to move on to president trump versus Jeff bezos. Amazon's stock taking a big dive losing close to $31 billion in market value of a report trump may consider taking on the company with regulations. Our chief business correspondent Rebecca Jarvis is here with more on that, Rebecca, good morning. Good morning, Amy. Yeah, this all started with a story by axios citing sources saying the president is obsessed with Amazon because his buddies tell him it's destroys malling and we saw more store closures in 2017 than any other year, of course, up's seen toys "R" us going out of business. There's another possible factor here, though, because there's some history between the Amazon founder Jeff bezos who owns "The Washington post" and president trump, "The Washington post" has been critical of trump and trump has been critical of "The Washington post" and according to the report, trump has wondered aloud now whether or not this company, Amazon, could be faced with antitrust or anti-competition law. And that was certainly enough to send the stocking plunging. Just one example of a larger trend that we're seeing with tech stocks. Some tech stocks right now. In very many tech names we've been seeing the sell-off. The big tech companies have had a rough week. Over the last five days four of the so-called F.A.N.G. Stocks, Amazon, Facebook, Netflix and Google have lost more than $168 billion combined. There are a lot of reasons here including the possibility of more government regulations and then in Facebook's case there's the growing fallout from the privacy scandal that they're still trying to recover from. They're overhauling these privacy settings. That's what they did on Wednesday and now overnight they've announced they're also going to limit some of what advertisers can collect in terms of targeting users with third party information. The 168 million. The reports that the president somehow believes Amazon is hurting the post office but, in fact, Amazon is given a lot of business to the post office. They have, in fact, because all of those packages, at least some of them are going out via U.S. Postal. All right.
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