President Donald Trump took to Twitter early today to renew his attack on Amazon.com, one of his favorite targets.
“Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt — many jobs being lost,” Trump wrote in the tweet.
At 10:30 a.m. on Wednesday, Amazon shares were down around 0.5 percent. Trump has regularly used his favorite social media platform to critique the internet giant, whose CEO, Jeff Bezos, also owns The Washington Post.
As Trump puts himself back in the center of the retail conversation, there’s no question that Amazon is reshaping the landscape in new and dramatic ways. The e-tailer’s threat to traditional retailers was a hot topic at this week’s FN Platform show — and FN tackled the issue in depth in this week’s print issue.
“At the end of the day, there will be blood as new winners emerge in the radically changing landscape,” said Jeff Van Sinderen, a Los Angeles-based analyst with B. Riley & Co. LLC. “More market share is gravitating into the hands of fewer powerful players that have the wherewithal to survive. We anticipate that many weaker companies simply will not have the merchandise content or financial strength [to do the same].”
Amazon isn’t the only fashion company at the center of Trump’s tweet firestorm this week. On Tuesday, he bashed Under Armour chief Kevin Plank and other key leaders who had resigned from his American Manufacturing Council in the wake of the president’s highly controversial response to the Charlottesville white supremacy violence.
“For every CEO that drops out of the Manufacturing Council, I have many to take their place. Grandstanders should not have gone on. JOBS!” the president tweeted.
Trump once again blamed “both sides” for the Charlottesville violence during a press conference on Tuesday.