Amazon’s stock just took a hit, and Anthony Scaramucci, former White House communications director and founder of SkyBridge Capital, thinks he knows why.
Amazon (NASDAQ: AMZN) shares plunged nearly 10% after the company reported mixed fourth-quarter results and announced a massive $200 billion capital spending plan for 2026.
That drop wiped out roughly $200 billion in market value.
But while Wall Street focused on earnings and future investments, Scaramucci pointed to something else: Scott Galloway’s boycott movement.
“Boycotts are working. Amazon down $200 Billion,” Scaramucci posted on X yesterday. He also gave “kudos to Professor Galloway,” crediting him for sparking the movement.
Galloway’s Call for Economic Action
Scott Galloway, a professor, entrepreneur, and media personality, recently launched the “Resist and Unsubscribe” campaign.
His message is clear: hit big tech where it hurts, in the wallet.
Galloway is urging Americans to cancel subscriptions to companies like Amazon, Apple, Microsoft, Netflix, and other tech giants, especially those tied to AI and government contracts with Immigration and Customs Enforcement (ICE).
“The most radical act in a capitalist society is nonparticipation,” Galloway said.
His campaign pushes for a month-long spending boycott as a response to the Trump administration’s immigration enforcement policies.
Galloway believes President Donald Trump is more responsive to market movements than public protests or court rulings.
“Small coordinated changes can move GDP. And when GDP moves, decisions get made,” Galloway said in a recent video on his Prof G Pod channel.
“In Q2 2020, GDP collapsed 31%. And overnight, the government moved faster than it ever has.”
Fuel Behind the Movement
The boycott comes in the wake of several fatal enforcement incidents involving ICE officers in Minneapolis.
Most notably, the killing of ICU nurse Alex Pretti sparked national outrage after video footage contradicted federal claims that he posed a threat. The video showed Pretti holding only a phone moments before being shot.
Galloway’s campaign channels this outrage into economic action, encouraging consumers to cancel services that support or partner with ICE.
Companies singled out include not just tech giants but also corporations with direct ICE contracts, such as AT&T, FedEx, Dell, Deloitte, and Palantir.
Amazon’s Earnings: A Mixed Bag
Amazon’s Q4 report showed sales of $213.4 billion, slightly beating expectations. AWS revenue rose 24% to $35.6 billion, and advertising revenue reached $21.5 billion.
But earnings per share came in at $1.95, just under the $1.97 analysts had forecast.
That slight miss, combined with plans to ramp up capital expenditures from $125 billion in 2025 to $200 billion in 2026, spooked investors.
CEO Andy Jassy defended the spending:
“AWS growing 24% (our fastest growth in 13 quarters), Advertising growing 22%, Stores growing briskly across North America and International, our chips business growing triple-digit percentages year-over-year—this growth is happening because we’re continuing to innovate at a rapid rate, and identify and knock down customer problems,” Jassy said.
He added, “With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, and low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026.”
Pressure From All Sides
Galloway’s strategy relies on public participation and visibility.
The campaign urges people to post their cancellations using hashtags to build momentum.
His message: if people stop spending money with certain companies, it could send a stronger message than a protest sign.
It’s too early to say how much of Amazon’s recent market drop can be tied directly to the boycott, but Scaramucci believes it’s already having an effect.
The combination of earnings pressure and organized consumer backlash may be forming a perfect storm. For now, Galloway and his supporters are doubling down.
The success of the campaign will depend on how many people follow through with cancellations and whether it results in any policy or corporate behavior changes.
As Galloway puts it: “Americans have a powerful weapon that has been hiding in plain sight.” Scaramucci, at least, seems convinced they’re finally using it.
IMAGE CREDIT: ”Scott Galloway” by Xuthoria, via Wikimedia Commons. Licensed under CC BY-SA 4.0. Image adjusted for layout.