As Amazon market value breaks $1 trillion, not everyone is thrilled with the e-commerce giant.
As Amazon becomes the second U.S. company worth a $1 trillion, top political figures and President Trump are becoming even more critical of the influence the largest U.S. businesses have.
Last Thursday is the first time Amazon market value topped $2,000, thus ending the week with a market capitalization of $979 billion.
Amazon market value approaching Apple’s, which has a valuation of $1.09 trillion.
In this growth, one of Trump’s concerns is that Amazon is underpaying the U.S. Postal Service to ship its products.
Congress is watching the giant. The Justice Department’s antitrust division is showing that it is ready to pursue structural remedies such as asset sales when it deems the company large enough to be anti-competitive.
Regulators are active on this, with the House and Senate holding a hearing later this month. These hearings will be with technology executives such as Twitter founder Jack Dorsey and Sheryl Sandberg, Facebook’s chief operating officer.
Addressing foreign influence of operations and whether conservative views are being suppressed by these large businesses is also likely.
Senate Finance Chairman Orrin Hatch pressed the Federal Trade Commission to reopen an investigation into Google for possible anti-competitive practices illuminated even as Amazon market value hits its peak.
Sen. Bernie Sanders gathered information from nonprofit New Food Economy. He is saying thousands of Amazon’s employees have been relying on the federal Supplemental Nutrition Assistance Program.
Amazon is also being pressured by the Vermont independent. They want to know what portion of its workforce comes from temporary staffing agencies.
Vermont independent has not been a fan of Amazon’s Jeff Bezos for a very long time. They believe, “There is something fundamentally wrong when thousands of Amazon workers are on food stamps while their boss is the richest man in the world.”
While Amazon says Sanders is wrong with his information, Amazon has declared the average pay for its full-time employees is $34,123, with 90 percent making $15 per hour.
Amazon is not the only one not giving its employees high wages, Uber and Walmart also make that list. A free market is good, but when companies operate a monopoly while using government regulations to help them crush the completion, things need to be addressed.
Amazon Market Value