Despite recent allegations against Wayfair (W), Amazon (AMZN) is now under fire by citizens of the internet for human sex trafficking scheme.
Wayfair incorporation is an American based e-commerce company. It was founded in
August 2002 by entrepreneurs Niraj Shah, and Steve Conine as a two-person company with
their first headquarter at Conine’s nursery.
The company aims to sell furniture and home necessities or goods. They are formerly known
as CSN Stores. Their e-commerce store offers more than 14 million items supplied globally
by 11,000 suppliers. The company has its headquarters in Boston, Massachusetts. The company has offices and warehouses around the United States and other countries like Canada, Germany, Ireland, and the United Kingdom.
Wayfair also operates five branded retail websites naming, the leading Wayfair site,
Joss&Main, AllModern, Birch Lane, and Perigold.
Why Wayfair (W) stock could go down more
According to the reports, the company’s stocks may go down slowly because serious
allegations were put on the company. People may lose their belief in the company, resulting
in low sales and a decrease in its stocks in the stock market. But, not to miss, there is one
more reason behind it.
Wayfair stock peaked to 174 in March 2019, and it has fallen from 53% to low as much as
$82 as of February 14. This downward trend was further lowered, making its shares down to
$13.52 because Wayfair has decided to lay off 550 stores.
How the human trafficking allegations were made on Wayfair (W)
The reason behind the low steep in the stocks is reported to be that Wayfair’s theories are
involved in human trafficking were put on the company. When a user noted that the prices of
closets and storage units for sale were amusingly placed at exorbitant prices ranged
between $12,000 to $14,500.
In a short period, this theory was trending on #1 on twitter. After hearing and reading these
theories, people were disheartened. The theory of a furniture company selling children is
appalling. It should be noted that this is just a theory yet not confirmed.
Amazon (AMZN) accused of human sex trafficking
The American furniture retailer issued a statement denying the allegation after the controversial listings had been removed. “There is, of course, no truth to these statements,” said a spokeswoman. “The products in question are industrial grade cabinets that are precisely priced. Recognizing that the photos and descriptions provided by the supplier did not adequately explain the high price point, we have temporarily removed the products from the site in order to rename them and provide a more in-depth description and photos that accurately illustrate the price point of the product.”
That said, both Amazon and Wayfair are on the same boat, facing accusations of trafficking after people have found that a wide range of goods are sold on their websites at exorbitant rates.
At present Amazon, the world’s biggest e-commerce company, has been accused of using its site for trafficking in human beings. Area rugs or tapestrys are said to be sold for a total price of “$21,000 + dollars, pillows $10,000 + dollars, drawer table for a further cost of $16,000 + dollars, etc.”
Are Amazon (AMZN) & Wayfair (W) a reliable investment?
Shares of Amazon (AMZN) & Wayfair (W) appear to be a very good investment option, the Money Midnight Indicator is expecting its price to decrease considerably in the short term. The majority of the metrics point to this investment being highly attractive.
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