Online Retailers’ Stocks Are Down Following Supreme Court Ruling on Sales Tax
From Amazon to Ebay, stocks are tumbling for some of the largest online retailers following a Supreme Court ruling that could raise costs for online shoppers.
But the ruling is also hurting the online stores themselves.
Stocks for Amazon, Ebay, Etsy, Overstock and Wayfair were all down Thursday. Amazon, the giant among those, has already been charging taxes on some goods sold on its site, though that does not include third-party sales made through Amazon.
Amazon has also already ventured into the brick-and-mortar business with its Whole Foods purchase, and with its many distribution centers, already has a physical presence throughout the U.S. Amazon’s stock was down approximately 18 points, which comes out to about 1%. Ebay and Wayfair both saw their stocks down around 2%, while Etsy has been down around 3%, and Overstock down more than 5%.