Amazon shares fell as much as 7.4 per cent on Wednesday, wiping about US$53.6 billion from its market value after US President Donald Trump reportedly indicated he wanted to rein in the US tech giant.
Trump talked about changing Amazon’s tax treatment because he worries about family-run retailers being put out of business, the Axios website reported.
The stock pared losses after a White House official said it did not know of any specific policy changes related to Amazon at the moment, adding that it was always looking at different options on a range of policy issues.
Amazon could not be reached immediately reached for comment.
Less than two hours into the trading session, its trading volume had already exceeded the 10-day moving average for a full day.