Market Watch: Amazon is spending $13.7 billion to buy Whole Foods, but its damage to the stock market has already been in the tens of billions.
Just among the biggest losers in the retail and food categories in the S&P 500, the market cap destruction for just 20 stocks was $37.7 billion Friday.
Opinion: Amazon’s buyout of brick-and-mortar stores continues. Amazon’s purchase of Whole Foods could increase automation in the retail sector — and thousands of workers could become obsolete.
October 24, 2016 Republican presidential nominee Donald Trump promised he would break up monopolies that threaten workers. Peter Navarro former Trump senior economic adviser, and current Director of Trade and Industrial Policy said this:
“Over a hundred years ago, a pro-business Teddy Roosevelt busted up more than 40 oil, railroad, steel and other ‘trusts’ that were wielding their rapacious monopoly power to gouge consumers and interfere with the efficient functioning of the American economy,”
“Donald Trump will break up the new media conglomerate oligopolies that have gained enormous control over our information, intrude into our personal lives, and in this election, are attempting to unduly influence America’s political process.”
CNBC reported Friday:
- Amazon’s $13.7 billion bid for Whole Foods is seen as highly disruptive for retailers, food companies
- 20 of the biggest losers in retail and food sectors lost approximately $40 billion in market cap by Friday afternoon.
- Amazon could be the third-largest grocery retailer by 2021.
Billionaire Donald Trump achieved the impossible for a Republican presidential nominee; millions of blue-collar voters and many more minorities put him in office.
Time to remember that he is the ‘jobs’ president.