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Why Amazon.com Stock Just Dropped

TheMotleyFool

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Why Amazon.com Stock Just Dropped: https://g.foolcdn.com/editorial/images/760169/alarm-clock-reads-time-to-sell.jpg

Shares of Amazon.com (NASDAQ: AMZN) tumbled 3% out of the gate Thursday, before clawing back half their losses later in the morning. As of 10:30 a.m. ET, Amazon stock remains down 1.5%.

You can blame TikTok for that.

TikTok parent company ByteDance Ltd., you see, is starting to horn in on Amazon's dominant e-commerce business in the U.S., as reported on Bloomberg last night. TikTok currently sells less than $2 billion per year in merchandise in the U.S. -- a tiny fraction of Amazon's $554 billion in annual sales. But TikTok aims to grow its e-commerce business "tenfold," according to the news agency.

Source Fool.com

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