Pity billionaire Jeff Bezos. The Amazon CEO’s net worth took a $4.6 billion hit on Wednesday as the company’s shares sank after a report that President Donald Trump is considering ways to change the tax treatment of the e-commerce giant.
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The stock fell as much as 6.5% and approached correction territory, which occurs after a drop of 10% from a recent high. The drop moderated a little in afternoon trading, with shares down a little less than 4%, or $58.29. Assuming that Bezos’ holdings are the same as when Amazon last filed with the Securities Exchange Commission, that drop means he stands to lose about $4.6 billion in net worth – in just one day.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 1,431.31 | -65.74 | -4.39% |
According to an Axios report citing an unidentified source, Trump is “obsessed with Amazon” and thinking about a change in its tax treatment out of concern over “mom-and-pop retailers.” The company’s CEO is also owner of The Washington Post.
The White House told Reuters on Wednesday that while there are no “specific policy changes regarding Amazon right now,” the administration is “always looking at different options.”
