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Amazon Stock Hits Record High, Congress Sets Date for Jeff Bezos

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Amazon.com (NASDAQ:AMZN) stock looks so irresistible. Jeff Bezos critics have been buying the stock. Also, investors keep pushing the stock to record highs. Amazon stock jumped 5.77% and closed at an all-time high of $3,057 on Monday. Yesterday was the first time that Amazon’s share price ever crossed $3,000. The shares have hit new all-time highs multiple times this year since they started rising from their pandemic lows in March.

Amazon stock surges, Jeff Bezos gets richer

There’s one Amazon executive with many reasons to celebrate as the stock hits record highs. CEO Jeff Bezos owns about 11% of Amazon shares.

Bezos actually had a bigger stake in Amazon stock of about 16% last year. However, he transferred some of his Amazon shares to his ex-wife, Mackenzie Bezos. Also, he has been selling his Amazon shares to fund his space travel program called “Blue Origin.” Notably, Jeff Bezos’s space travel ambitions put him against Tesla CEO Elon Musk, who runs a space travel company called “SpaceX.” 

Despite cutting his Amazon stake as part of a divorce agreement and selling shares to fund other programs, Bezos has maintained his spot as the world’s richest man due to Amazon’s surging stock. Following the stock’s sprint on Monday, Jeff Bezos’s net worth is $182 billion, which is an all-time high for the billionaire. Notably, Bezos has added $66.6 billion to his wealth this year. Elon Musk has added $36 billion to his net worth, which now stands at $63.5 billion. Like Jeff Bezos, Elon Musk’s net worth has also benefited from Tesla’s surging stock.

Amid Jeff Bezos’s soaring net worth, Congress has set July 27 as the date for his appearance. He will testify in an antitrust probe of Amazon. Bezo will be there to defend the company

Investors flock to alternatives

Amazon stock has advanced this year. Investors learned that the COVID-19 turmoil created a huge business opportunity for the company. More households have started shopping online to observe social distancing and avoid spreading the disease.

The spike in online shopping in the wake of the COVID-19 outbreak has driven sales in Amazon’s e-commerce division. Moreover, the COVID-19 pandemic has boosted the uptake of remote working software and video streaming services that run on Amazon’s cloud platform. The sales have been soaring in Amazon’s cloud division, which also happens to be the company’s profit machine. 

As Amazon stock continues to hit record peaks, price-conscious investors have been turning to cheaper Amazon stock alternatives. Shares of Amazon’s e-commerce rivals eBay (NASDAQ:EBAY), Etsy, and Shopify have risen this year. Amazon’s cloud rivals Microsoft (NASDAQ:MSFT) and Google parent Alphabet (NASDAQ:GOOGL) shares have also risen in 2020.

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