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The rise in e-commerce and the demand for cloud services are sending Amazon shares to new heights despite times of crisis. Chief Executive Jeff Bezos has increased his fortune by more than $ 17 billion.
GOOD INCREASE: Amazon founder Jeff Bezos tops the list of the world’s richest.
Pablo Martinez Monsivais / AP
published:,
With stores closed due to the crown crisis, more commerce is moving online. Provides a boost for Amazon.
After the stock rose a new five percent on Tuesday, it hit the old top list for February, before the virus crisis.
The online giant has gone against Wall Street.
While the United States stock exchanges have fallen 12 percent this year, Amazon has risen 24 percent.
Amazon is now worth a record $ 1,138 billion, which is approximately $ 11.7 billion measured in Norwegian kroner.
The rebound has increased the fortune of Amazon CEO Jeff Bezos by $ 17.2 billion since the start of the year. At $ 132 billion, he is now at the top of Bloomberg’s riot list.
This is how the US stock indices USA They ended on Tuesday:
- Dow Jones rises 2.39 percent
- Nasdaq Composite rises 3.95 percent
- S&P 500 up 3.06 percent
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Elevator for e-commerce and cloud services
Growing demand for e-commerce and expectations that Amazon Web Services’ cloud service will increase as more work from home has contributed to the sharp rise in prices, according to Bloomberg.
As millions of Americans lose their jobs, Amazon this week announced about 75,000 new hires to meet demand. In mid-March, the company announced that it was hiring 100,000 warehouses and delivery personnel in full-time and part-time positions.
For the Financial Times, analyst Brent Thill at the Jefferies brokerage says the new hires are “direct evidence that consumers are breaking Amazon’s value chain with overwhelming demand.”
However, according to FT, the expansion will also highlight increased worker safety and concerns about the lack of protective equipment.
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For publicly traded companies, the earnings report for the first quarter is now approaching. Later in April, Amazon will present its financial statement for the first three months of the year.
The action increases despite the times of crisis
The rise in Amazon stocks is highlighted in what has been the biggest recession in the stock market since the financial crisis after the virus pandemic caused country after country to shut down much of the activity.
However, on Wall Street and other stock exchanges, stocks have been up lately. From down in the last fortnight of March, the S&P 500 is up 27 percent and has recovered about half of the drop brought on by the viral crisis.
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On Tuesday night, the International Monetary Fund (IMF) released ominous new forecasts that the world is likely to face the biggest setback since the Great Depression of the 1930s.
In the United States, the number of applicants for unemployment benefits has skyrocketed. The numbers come in every week, and in the past two weeks, the applicant count has exceeded six million, while the highest before the crown crisis was 695,000 per week in 1982, according to Marketwatch.
While giants like Amazon and Walmart are hiring more, other parts of the US retail business. USA They are fighting hard and have fired hundreds of thousands of employees, according to the FT.
