Bad Streak for Amazon
Jeff Bezos, CEO of Amazon
In the middle of a rough patch for amazon, Jeff Bezos founder and CEO of the company, was required to testify before the US house of representatives. The reason of the required testimony, is that Amazon could be lying to the congress about the way in which they deal with third-party and independent sellers’ confidential data.
Furthermore, although the company has been gaining popularity in the past months, they informed that they will have to spend around four million dollars on costs related to the pandemic during the upcoming trimester. This represents the possibility of the first huge loss since 2014. Moreover, after the close made by Wall Street last Thursday, the actions of the company dropped around a 5%; however, the report made, describes that from January to March of 2020, the company have billed 26% more than in 2019.
In my opinion, it was expected for the actions to drop as we are facing a global recession; however, I truly believe that after the pandemic, people will invest more on virtual companies and electronic business.
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