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Amazon shares reach new high amid coronavirus pandemic

Written by germany

Online retail firm Amazon’s share price rose by 5% to an all-time high on Tuesday, making the world’s richest man Jeff Bezos even richer.

According to a report by the Bloomberg Billionaires Index on Monday, company founder Bezos’ assets in the firm have increased by $24 billion (€21.9 billion) to $138.5 billion dollars since the beginning of 2020.

The firm’s delivery services have been in high demand as people across the globe stay home during the COVID-19 outbreak.

Amazon makes financial gains — but takes hit in image

Amazon has had its share of bad publicity amid the pandemic. The company has struggled to keep up with demand, with many customers facing long waiting times or having trouble placing orders. The online giant has also been accused of failing to sufficiently protect employees.

However, none of that has daunted investors. Despite a general fall in stock market prices, Amazon shares have risen by almost 25% since the beginning of the year.

Coronavirus has brought the global economy close to a standstill with some 17 million people added to the unemployment rolls in the United States alone.

Major banks such as JP Morgan Chase and Wells Fargo have signaled that that unprecedented job losses — many in the retail sector that had already been so badly hit by the success of Amazon — could be similar to those experienced after the 2008 banking crisis.

(rc/stb (dpa, Reuters)

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