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Amazon Asks FTC to Bar Chair Khan From Matters Tied to Company

FTC Chair Khan 'has argued that Amazon is guilty of antitrust violations and should be broken up,' Amazon said, according to a media report.
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Amazon  (AMZN) - Get Amazon.com, Inc. Report shares firmed on Wednesday after a report that the retail/technology colossus requested that Federal Trade Commission Chair Lina Khan be recused from Amazon issues.

That’s because she has criticized Amazon for monopolist practices.

Amazon stock stock recently traded at $3,467, up 0.5%. It has risen 4% over the past six months amid a shift in investor enthusiasm toward value stocks.

The Seattle company has requested that Khan be left out of FTC enforcement decisions involving the company, according to documents obtained by Bloomberg News.

Khan “has on numerous occasions argued that Amazon is guilty of antitrust violations and should be broken up,” Amazon said in its request.

“These statements convey to any reasonable observer the clear impression that she has already made up her mind about many material facts relevant to Amazon’s antitrust culpability as well as about the ultimate issue of culpability itself.”

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The FTC is currently looking at Amazon’s proposed $8.45 billion acquisition of movie studio MGM.

Last week, TheStreet.com Founder Jim Cramer expressed bullishness toward Amazon.

Amazon also drew praise from Wells Fargo analyst Ike Boruchow last week. He rates Amazon overweight with a $4,500 price target.

“Despite the retail brick-and-mortar recovery, e-commerce and Amazon gross-merchandise-volume growth rates both remain robust (39% and 43%, respectively),” Boruchow said.

At the same time, “AMZN still represented about 40% of total addressable market growth over the latest 12 months (above the approximately 25% pre-COVID run-rate).”

Amazon is the No. 1 seller of apparel in the U.S., Boruchow said.

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