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Jeff Bezos Adds An Additional $24 Billion To His Net Worth Since The Corona Virus

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Table of Contents

Section 1: 24 Billion Richer then he was last year

Section 2: Highsnobiety’s Take On The Situation

Section 3: My Stance on the Situation

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24 Billion Richer then he was last year

Though this year has been one of the toughest around the world, Jeff Bezos has found ways to substantially increase his net worth.

Amazon’s CEO has upped his net worth by $23.6 billion to be exact. That’s a five percent increase to his overall total current net worth. This is hard to believe as many large companies struggle to stay afloat during this hard time. Certain stores have already closed their doors for good not knowing the virus would be a catastrophic fall in business for them.

While tons of businesses are currently closed and many people are staying indoors, Amazon is still able to thrive. This is because most companies aren’t set up to shop from home or be delivering items to customers. The company has hired thousands of new workers to meet the increased demand for consumer needs. Amazon has publicly announced it needs another 75,000 more. As if that wasn’t enough good news for Bezos already hugely increasing his net worth, Amazon stock has risen.

Highsnobiety’s Take On The Situation 

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Jeff Bezos has made $24 billion during the pandemic (so far). 💰😶⁠ ⁠ While many businesses are suffering during the global Covid-19 crisis, Bezos is flourishing. In the midst of the backlash Amazon is facing due to its alleged treatment of employees, the founder's wallet remains obscenely healthy. As of last week, his net worth has reportedly increased by 5%, or better put, by a staggering $23.6 billion.⁠ ⁠ Over the last months, Amazon has seen a rise in demand as its customer base continues to self-isolate. To cope with the surge of orders, it has already hired thousands of new employees and aims to hire an additional 175,000. However, the increase in workforce has been met with controversy. Amazon has been repeatedly accused of failing to protect its staff from Covid-19 by not providing enough face masks, not implementing regular temperature checks as promised, and refusing paid sick leave.⁠ The company has even fired employees who’ve publicly criticized the company for its coronavirus response.⁠ ⁠ “We are calling out because Amazon is putting its revenue above our safety,” Jaylen Camp, an Amazon worker told The Guardian. “We are not essential to them – they just think of us as numbers and quotas. They are not protecting our health.” This failure is leading to huge warehouse strikes after over 130 Amazon warehouses in the US have contracted the virus, leading to more than 30 confirmed cases. #hsnews⁠ ⁠ 📷: Getty⁠ ⁠

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The Bezos Controversy

With all the good news there is always some bad news to go along with it. The biggest controversial issue surrounding Amazon is there warehouses or fulfillment centers. Many people including their workers don’t feel they have been given the proper protective equipment. Several groups of Amazon employees have staged or engaged in walkouts. “We are calling out because Amazon is putting its revenue above our safety,” Jaylen Camp, an Amazon worker told the Guardian. “We are not essential to them––they just think of us as numbers and quotas. They are not protecting our health.”

The negative press coverage and dissent from vocal union prompted Bezos to make a surprise visit to an Amazon fulfillment center and a Whole Foods store. Bezos has been captured in numerous videos and photographs interacting with employees–from a distant– and thanking all his hard-working employees for their efforts. This helped build up the CEO’s image since during the beginning of this pandemic he had shied away from the media.

While Amazon stocks continue to surge, Bezos and his e-commerce store can expect to see even more scrutiny. Buzzfeed reported that the National Labor Relations Board is reviewing claims that the company retaliated against workers who spoke out about Covid-19-related concerns. This is nothing new as Amazon has done this many times in the past if they feel people have violated their company policies.

My Stance on the Situation

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Jeff Bezos is the most financially and economically smartest person in the world. He found ways to help his company thrive during any time in the year good or bad. For starters, Bezos worked hard on building an E-commerce store instead of a small mom and pop shop or restaurant. Though mom and pop shops and restaurants can be quite lucrative they lack a few things. First, most restaurants don’t position themselves to do delivery services or to sell food items online.

When Bezos created his empire he not only started with building an E-commerce store for books but anything available on the web. That was his whole vision down the line. He then positioned his E-commerce store to allow other competitors to put their items on his site for a fee. So even if Amazon specific products make 0 sales they still make money off the other suppliers who are hosted on their site. That was a very smart move by Bezos since he knew all Amazon related products may not beat out competitors.

Bezos is also able to have Amazon create replica products to that of his competitors. The products are then positioned to be cheaper to that of his competitors while also saying its Amazon’s choice. This helps draw sales away from the competitors because when people see Amazon’s choice they feel more compelled to buy the product.

Also unlike many other places, Amazon has fulfillment centers all around the globe so they can deliver items in 2 days or less. Most stores don’t have the budget or capacity to do this so they must be a partner with Amazon to get that two-day access. Bezos made another smart move by purchasing Wholefoods and having Amazon partner with them to get food out to customers. So even if Amazon made no money off their online store people can purchase foods through Amazon which is a necessity to live.

In regards to the fulfillment center controversy, I have mixed feelings to say at the least. Amazon is here to hire employees to work for them and as an employee knows the company may not have your best interest at heart. I have worked for companies where your existence is for the sole purpose of the companies financial gains. Once you aren’t needed they either get rid of you or work you harder. That being said employees know when they signup for any job that has a paycheck you know what may come with that job. Especially jobs at amazon where they hire people with 0 years of job experience. I applied for a job at Amazon and was hired after taking their online skills test of being able to randomly organize shelves with items. I knew from the jump from hearing from friends and family just how tough they treat their workers.

I didn’t go through with working for Amazon but based on all the news around them and their store I wouldn’t be in a position to complain if I had. Amazon does claim to care about their employees and claim they do their best to put safety first. That being said the company can come off very secretive when asked about their employees.

Overall Amazon fulfills so many needs that the world needs so a lot of governments try to partner with them. Amazon may not always be as forthcoming as they should. Workers need to know that most big business companies aren’t all that concerned about worker needs unless it will generate more revenue. Plus jobs that typically advertise you can make between $15.00-$18.00 doing manual labor with 0 years experience are gonna expect you to work like a dog. No company is gonna pay employees that much money with no job experience and expect them not to work extremely hard for their company.

If workers aren’t happy with Amazon they can work for other places. That goes for any company all across the board and workers need to understand in the real world that big business companies aren’t going to put the workers first. Amazon is designed solely around “Customer Obsession” not “Employee Obsession.”

You can watch this video to get more of a feel from former Amazon employees on their experience:

Article was created by:

Tony Steiner – 4/22/2020

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