Amazon’s founder, Jeff Bezos, is considering selling up to 50 million shares of Amazon stock over the next year, as revealed in a regulatory filing on Friday. The estimated value of these shares currently stands at nearly $8.6 billion, reflecting the stock’s current price. This strategic move comes on the heels of Amazon’s announcement of…
E-commerce giant Amazon has experienced robust revenue growth, driven by a surge in holiday shoppers during the last quarter, according to the company’s latest financial report. The report, released on Thursday, revealed a total revenue of $170 billion for the quarter ending in December, surpassing Wall Street’s expectations and marking a 14% increase compared to…
In a surprising turn of events, Amazon and iRobot have mutually called off their anticipated $1.7 billion acquisition deal, citing various regulatory obstacles. Following this announcement on Monday, iRobot disclosed plans to lay off 31% of its workforce, amounting to around 350 employees. Founder Colin Angle will step down as CEO, with Glen Weinstein appointed…
MacKenzie Scott, the philanthropist and ex-wife of Amazon founder Jeff Bezos, has reportedly sold nearly 65.3 million Amazon shares in the past year, amounting to a value exceeding $10 billion, as revealed in recent filings. Following her divorce from Jeff Bezos in 2019, Scott emerged as the world’s wealthiest woman, acquiring about 19.7 million Amazon…
A French regulator, the CNIL (French Data Protection Authority), has fined Amazon’s French warehouse operator, Amazon France Logistique, €32 million ($35 million) for implementing an “excessively intrusive” surveillance system to monitor the activities of its workers. The CNIL stated that Amazon provided warehouse staff with scanners that meticulously recorded periods of inactivity and the speed…
The European Union’s competition watchdog is poised to block Amazon’s proposed takeover of vacuum cleaner manufacturer iRobot, according to sources reported by the BBC. This development deals a setback to the tech giant, which had received approval from the UK government’s competition watchdog for the acquisition. The UK’s Competition and Markets Authority (CMA) previously cleared…
Amazon, the global tech giant, has made significant workforce reductions, affecting two key business units—its streaming platform Twitch and the film and television studios division. The company is trimming “several hundred” roles across Prime Video and Amazon MGM Studios, as confirmed by an internal memo obtained by CNN. Concurrently, Twitch, the video game streaming company…
Amazon is gearing up to revolutionize internet connectivity in space through its Project Kuiper, deploying cutting-edge laser technology for satellite-to-satellite communication. The successful prototype tests have paved the way for Amazon to introduce a commercial-grade broadband service in space, with the constellation utilizing lasers to ensure a high-speed, error-free connection across the globe. In a…
In a recent development, Senior Judge John Coughenour has recused himself from presiding over the US Federal Trade Commission’s (FTC) antitrust lawsuit against Amazon.com. This decision was revealed in a court document filed on Wednesday. The antitrust lawsuit was filed against Amazon in federal court in Seattle just a day before Judge Coughenour’s recusal. The…
In a landmark monopoly case, the US government, along with 17 states, has filed a lawsuit against Amazon, alleging years of abusive economic dominance and unfair competition practices by the e-commerce giant. This lawsuit marks the government’s most significant attack on Amazon, a company known for its extensive product range and vast logistics network. The…
