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AMZN Stock Aims at ATH, New Amazon CEO Plans to Hire 55K Specialists

UTC by Steve Muchoki · 2 min read
AMZN Stock Aims at ATH, New Amazon CEO Plans to Hire 55K Specialists
Photo: Amazon

Amazon noted that the new hires would represent a 20% increase in staff that currently stands at 275,000 globally.

Amazon.com Inc (NASDAQ: AMZN) stock is aiming to set a new all-time high after closing yesterday trading at $3,479, up 0.24% during the day. Notably, the new Amazon CEO Andy Jassy said in an interview with news outlet Reuters that the company is set to hire up to 55,000 people for corporate and technology roles globally in the coming few months.

“There are so many jobs during the pandemic that have been displaced or have been altered, and there are so many people who are thinking about different and new jobs,” said Jassy.

Having ascended to the top seat in the company back in July, Jassy embarked on a journey to hire new employees to help further keep up with the surging demand for its services. According to him, the company’s satellite project dubbed Project Kuiper is bound to have more technical positions to fill in the coming months.

Amazon noted that the new hires would represent a 20% increase in staff that currently stands at 275,000 globally.

Notably, the company is heavily invested in compensating the employees, with some instances going above the minimum wage bill. “We’ve led the way in the $15 minimum wage and for some states on average that really, the starting salary is $17 an hour,” Jassy noted.

As for the employees’ relationship with the company, Jassy noted that all employees have the freedom to work and should focus on customers’ satisfaction. “Everybody at the company has the freedom – and really, the expectation – to critically look at how it can be better and then invent ways to make it better,” he explained.

Amazon (AMZN) Stock and Its Market Outlook

After rallying exponentially last year, Amazon stock has been consolidating sideways for the better part of this year. Notably, during the onset of the Covid pandemic earlier last year, AMZN stock traded below $1700. However, by the end of the year, the company managed to scale up around $3500.

According to market analytics provided by MarketWatch, AMZN stock traded around $2,871 and $3,773 in the past 52 weeks. The tech giant has a reported market valuation of approximately $1.76 trillion and 506.44 million outstanding shares.

Amazon stock has gained approximately 6.82%, 7.58%, and 3.7% in the past eight months, three months, and one month respectively through Thursday. Having been rated 48 times, AMZN stock received an average of a Buy rating.

With new top leadership, Wall Street is watching closely to see how the company readjust in the coming quarters.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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