Amazon.com is being shut out of the post-election stock market rally.
Shares of the e-commerce giant fell 3 percent on Thursday and have dropped about 5 percent since Donald Trump was elected president early Wednesday. Meanwhile, the S&P 500 has climbed 1.5 percent over the past two trading days.
Whether Amazon is dropping because Trump won the election isn't totally clear, but the idea that investors would take a more skeptical approach isn't totally crazy. Trump and Amazon CEO Jeff Bezos had multiple public spats during the campaign.
Trump criticized Amazon for not paying its fair share of taxes, and claimed the company was somehow sheltered due to Bezos's ownership of The Washington Post, a newspaper that Trump routinely called dishonest. Here are some tweets from Dec. 7.
@realdonaldtrump:If @amazon ever had to pay fair taxes, its stock would crash and it would crumble like a paper bag. The @washingtonpost scam is saving it!
@realdonaldtrump: The @washingtonpost, which loses a fortune, is owned by @JeffBezos for purposes of keeping taxes down at his no profit company, @amazon.
With the exception of offering Trump a spot on his rocket ship to space, Bezos didn't engage in a Twitter war with Trump. But he wasn't shy about taking shots when given the opportunity.
Last month, at a Vanity Fair conference in San Francisco, Bezos said Trump's efforts to "try and chill the media and threaten retribution, retaliation" are inappropriate.
Bezos also said Trump's suggestion that he may not concede the election if he loses or that he might lock up Hillary Clinton if he wins "erodes our democracy around the edges."