Amazon Stock Hits a New All-Time High as Jassy Takes Over From Bezos as CEO

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Amazon CEO Andrew Jassy.

F. Carter Smith/Bloomberg

Talk astir having a bully Day One.

Monday marked the archetypal time connected the occupation for caller CEO Andy Jassy, who succeeded laminitis Jeff Bezos connected the 27th day of the founding of the company. Jassy, who has been with (ticker: AMZN) for 24 years, has been moving the company’s Amazon Web Services business. Bezos remains the company’s enforcement chairman, largest shareholder, and astronaut-in-chief.

In caller trading, Amazon shares person spiked 3.7%, astatine $3,641.22, mounting a caller intraday high. If the gains hold, it would beryllium the archetypal caller closing precocious for Amazon since September 2020. The banal is up astir 12% twelvemonth to date, lagging the 15% instrumentality connected the S&P 500. Amazon shares person rallied astir 19% implicit the past 52 weeks. According to Dow Jones Market Data, the banal this greeting is the best-performing banal successful some the S&P 500 and the Nasdaq 100.

As Barron’s noted successful the Tech Trader file implicit the weekend, Jassy comes to the occupation arsenic Amazon is seeing further antitrust scrutiny—and sparkling fiscal performance. In the archetypal quarter, income grew 44% from a twelvemonth earlier, the fastest quarterly maturation since 2011. With request surging, Amazon hired much than 500,000 radical successful 2020, boosting full unit to much than 1.3 million. 

Amazon shares’ leap connected Tuesday person fixed a $65 cardinal boost to the company’s marketplace cap—talk astir a large ballot of confidence. Amazon present has a valuation of $1.8 trillion, trailing lone Apple (AAPL) and Microsoft (MSFT) successful size among U.S.-listed companies.

Write to Eric J. Savitz astatine

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