Amazon stock nabs record after Bezos-Jassy handoff
Amazon's market cap nears $2T, set to join Apple, Microsoft
Evercore ISI senior managing director Mark Mahaney argues Amazon's stock will go to $4,500 because of strength the company has gained in the retail sector.
Amazon investors appear to have as much faith in new CEO Andy Jassy as his predecessor, Jeff Bezos.
The stock closed at an all-time high of $3,675.74 its first record close since September of 2020, as tracked by Dow Jones Market Data Group.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 198.38 | -4.50 | -2.22% |
Jassy officially became CEO of the e-commerce giant on July 5, taking the reins from Bezos, who is now executive chairman.
FILE - In this Dec. 5, 2019, file photo, AWS CEO Andy Jassy, discusses a new initiative with the NFL during AWS re:Invent 2019 in Las Vegas. Amazon announced Tuesday, Feb. 2, 2021, that Jeff Bezos would step down as CEO later in the year, leaving a r …
JEFF BEZOS PICKS FEMALE SPACE PIONEER AS NEXT BLUE ORIGIN PASSENGER
Bezos announced his successor in a memo to employees, or "Amazonians" as he calls them. on Feb. 2, 2021.
Andy is well known inside the company and has been at Amazon almost as long as I have. He will be an outstanding leader, and he has my full confidence.
The transition allows Bezos to devote more time to Blue Origin, which is set to lift off into space at the end of the month. He recently announced that 82-year-old female aerospace pioneer Mary "Wally" Funk will join him on the July 20 flight.
Amazon went public in May of 1997 and since then shares have gained over 229,422.7% and are closing in on $4,000 per share with a current market cap of just under $2 trillion. Currently, the only companies in the $2 trillion club are Apple and Microsoft.
Jassy, who ran Amazon Web Services, also known as the cloud unit, is expected to take the tech giant to the next level by continuing to expand outside of traditional retail.
Already, Amazon is testing its own air and ground delivery services and it expanded into health care and original video content, taking on Netflix and Disney, among other smaller players such as Hulu.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 897.48 | +13.63 | +1.54% |
| AMZN | AMAZON.COM INC. | 198.38 | -4.50 | -2.22% |
Amazon chief financial officer Brian Olsavsky said on the company’s earnings call in February that the executive change was made in consultation with Amazon’s board of directors, calling Jassy a visionary leader.
AMAZON AWARDS JASSY $215M IN STOCK
Late Friday of last week, Amazon's Board of Directors, gave Jassy a little incentive to do a good job.
In a filing to the Securities and Exchange Commission earlier this week, Amazon reported that Jassy will receive 61,000 shares of the firm's common stock vested over 10 years upon becoming president and chief executive on July 5. At Friday's closing price of $3,510.98, that's $214,169,780.00.