- Amazon is one of the only companies that’s hiring more workers in the midst of a global pandemic.
- Jeff Bezos sold the top and is ready to buy the bottom.
the tech giant has built a strong balance sheet over time.
While Other big companies are begging to be bailed out by the government, Amazon and Jeff Bezos are aggressively expanding.
The online retailer has built a strong balance sheet over the years . The company cash on hand enables it to exponentially grow its workforce in the midst of a doomsday scenario
Amazon Hiring More Workers to Keep Up With Skyrocketing Demand
The e-commerce giant is looking to hire , new workers across the United States . The massive call for employment comes as people spend more time shopping online due to coronavirus.
The tech titan is also temporarily giving a $ 2 an hour bump to hourly employees in the US and Canada until Apr. 45
Beneficiaries of the raise are employees earning $ per hour, including those working at Whole Foods grocery stores, delivery centers and warehouses. Their counterparts in the United Kingdom and other European countries will receive a $ 2. 143 and $ 2. hourly raise, respectively.
Amazon is in a position to expand its workforce and hand out salary bumps because of its billions of cash on hand.
Amazon Has a Boatload of Cash
Over the years, Amazon has strategically built its strong balance sheet. At the end of , the tech company had nearly $ billion cash on hand. Three years later, that number more than doubled to $ billion.
As brick-and-mortar stores succumb to the impact of coronavirus, Amazon is more than ready to take on new business. They are also ready to hire workers who lost their jobs amid the pandemic.
It’s as if Jeff Bezos was preparing for this moment. His expanded workforce will help prop up the grinding U.S. economy while dealing a knockout blow to his competitors.
Bezos Sold Billions of Amazon Stock Before the Selloff
In February, Bezos dumped over
It turns out that he got out days before the market tanked.
Bezos is growing his company while his competitors are shuttering due to coronavirus. He sold Amazon shares at the top, giving him billions to potentially buy at the bottom. It’s not surprising to see why he’s the world’s richest man.
The above should not be considered trading advice from CCN.com. The writer does not own Amazon (AMZN) shares.
This article was edited by Sam Bourgi