Jeff Bezos started Amazon in his garage with a couple hundred grand from his parents. This ex-hedge fund manager turned internet titan and evil king-making gnome has often been lauded for his customer-focused business strategies, aggressive business development and industry prowess, but how challenging is the journey when you’re a 1500lb gorilla on someone else’s dime?
Full disclosure: I used to work for Amazon (AMZN.Q) as one of their machine-grunts. That’s why when Shopify (SHOP.NYSE) acquired warehouse fulfillment company, 6 Rivers Systems, yesterday for $450 million, I had to take a closer look.
Bitcoin trader makes dumb greedy bet – loses $16 million – kills himself, triggering painful shotgun-in-mouth memory of even dumber, greedier Amazon (AMZN.Q) bet
A few weeks ago, a Chinese Bitcoin trader, Hui Yi, embezzled 2,000 Bitcoins, used them as collateral to take a highly leveraged (100x) short position on the price of Bitcoin.
FAANG stocks (Facebook, Amazon, Apple, Netflix and Google) have had a rough ride lately. In June all five closed down at least three percent on big volumes. Then came Amazon’s news on earnings last Thursday. Thomson Reuters had predicted AMZN’s earnings at $1.42/share, but came in at an astounding $0.40/share. It’s the biggest miss by the retail and media giant since 2011.
Amazon increased its market reach with today’s announced acquisition of Whole Foods, the hoidy-toidy organic grocer pioneer with 456 stores across its chain.
Before I get into the U.S. Fed and its market liquidity shenanigans, I should explain something that changed the way I view the world, kinda like the time I discovered Disney shoved lemmings off a cliff for ratings, almost making a manufactured myth science, so here goes:
One of my friends was absolutely stoked when she got her Alexa for Christmas last year. She took pride of place on the shelf beside her wall-mounted TV, where she could maximize her listening capability. Over the next few months, Alexa began to sink into the background of her home, almost as another family member. Whenever she needed help remembering the final ingredient of a recipe, or who was in the Six Million Dollar Man, Alexa came to the rescue.
Technology public markets newbie AMPD Ventures (AMPD.C) has had an interesting first 7 weeks on the market, initially doubling in value out of the gate, before profit taking and short selling drove it well down to 2/3 of its initial financing price in just as quick time.
HERE Technologies, an arms-length subsidiary of Intel (INTC.Q), partnered with Rise Against Hunger India to pack 300,000 meals today for the undernourished and less fortunate.
Stocks Fall, Stocks Rise
US and China are moving closer to agreeing on the amount of tariffs that will be rolled back the phase-one deal, despite tensions over Hong Kong and Xinjiang. You can almost know for certain that you will never know for certain when it comes to Trump.
Return of the Tariff Man
Thanksgiving is over, and tariff man strikes again! This time: the victim is France. The US proposed tariffs on some $2.4 billion in French products, a response to a tax on digital revenues in France that hits large American tech companies including Google, Apple, Amazon, and Facebook.
The firm reported third-quarter earnings today that beat estimates for earnings per share, but fell short of meeting the street’s revenue expectations. Here are the stats: