Jeff Bezos, the founder of Amazon and the world famous entrepreneur sees his fortune increase by 24 billion dollars due to coronavirus pandemic. This increase is about 20% increase in his fortune of already 138 billion dollars in the last 4 months
Bezos who owns about 11 percent stake in his own company has been enjoying the spot of World’s Richest Man since year 2017.
Due to the recent surge in consumer demands, business of Amazon has seen its best business peak like that of the holiday season. The reason is all because coronavirus is forcing people to stay indoors due to the lockdown. As for share prices of Amazon they were at the record high with 5.3 percent increase on Tuesday.
When the first spread of coronavirus was occurring in US, Bezos has already made a safety buffer by selling quite a huge chunk of his own Amazon shares. Following that, he now is enjoying the best profits since the 3-day stock market rally of 1933. This late rally allowed for Amazon in to recovering their losses from March.
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But there are also controversies about retailer as how they are handling their workers amid these chaotic times.
Workers are reporting their warehouse teams suffering from severe strains. Most of these teams are working on the shipping items or the frontline packaging which are most susceptible for spread of COVID-19. Even many of the workers have their COVID-19 tests coming out positive. Resulting this, numerous workers are organizing strikes along with walkouts for protesting the lack of protection for Amazon workers. One former manager assistant of Amazon, Chris Smalls lost his job following a walkout of workers at the company’s JFK8 warehouse located in Staten Island.
Despite all this, Amazon is still are resuming their shipping at their warehouses across the USA. To cope up with the increasing demands, Amazon has so far hired 100000+ workers in US and are also planning to hire 75000 more.