Like most disasters, there will be losers and winners from the coronavirus pandemic and I mean this from a business point of view. The virus has now infected over 4 million people globally with over 300,000 deaths. The world has lost trillions of dollars as a result and many businesses are either shutting down or finding it hard to stay open. But this is not the case if you are in the remote work, eCommerce and streaming business. Tech companies have managed to stay afloat this period because of billions of us have now come to rely on them for our daily survival.
eCommerce giant Amazon is having a great time in the midst of this pandemic and is projected to double its market value in three years. Amazon is a trillion dollar company and its founder and CEO Jeff Bezos 56, worth around $145b is projected to be the world’s first trillionaire in about five to six years’ time and this is according to a research by Comparisun.
People have been shopping more than ever as a result of the pandemic and this is not likely to end soon even as nations re-open their economies gradually. The pandemic will change the way we live even when things normalise a bit in the coming months and perhaps years. Jeff Bezos started Amazon in his garage in the year 1994 and owns about 11 percent of company. Today Amazon now has over 750,000 employees worldwide and just last week the company was trading $1,689 and today that value is over 2,300. Amazon’s first quarter revenue was a record $75b but even with the good news, it angered many recently when they announced that employees will stop receiving the hazard allowance, they were been given during the pandemic in spite of the dangerous work many of their employees do. Amazon Web Services (AWS), the cloud computing arm of the company is also making huge contributions as it raked in $10.2 in revenue in the last quarter, up 32% from $7.7bn in the same period last year.
In order to continue to see these numbers rising, it only makes sense for the company to keep the COVID-19 scourge at bay. This is why the company has announced that it would spend all of its $4b operating profit for the second quarter to insulate its company from the virus. Amazon has had to hire about 175,000 in the last quarter alone to meet up with demands even some of them are expected to be laid off after the pandemic.
Well the point is that Jeff Bezos is a rich man and to put that in perspective, he makes about $2,500 every second and the divorce from his wife MacKenzie didn’t wipe much off his value. He owns one of the most expensive private jets in the world valued at $65m. He has homes in choice locations including New York and Beverly Hills. He’s been spending billions on Blue Origin his space company as well.