- Amazon.Com, Inc AMZN stock is down Wednesday amid reports of Amazon workers planning a walkout over' lack of trust in leadership.
- Approximately 1,900 employees worldwide look to walk out at 3 p.m. ET, with 900 workers gathering outside the Spheres that anchor Amazon's Seattle headquarters on Wednesday to protest the company's recent return-to-office mandate, layoffs, and environmental record, CNBC reports.
- An influential worker organization, Amazon Employees for Climate Justice, organized the walkout.
- Amazon recently initiated the most significant layoffs cutting 27,000 jobs. On May 1, the company called on corporate employees to start working from the office at least three days a week.
- Additionally, Amazon recently eliminated one of its climate goals, Shipment Zero, wherein it pledged to make half its carbon-neutral shipments by 2030. Amazon said it would focus on its broader Climate Pledge, which includes a provision to reach net zero carbon emissions by 2040.
- A separate report suggests CEO Andy Jassy is killing projects conceived during the times of Jeff Bezos.
- The company has terminated at least 37 projects that originated during Bezos' tenure.
- Jassy has urged teams to simplify and ruthlessly prioritize as they allocate their newly constrained budgets, Bloomberg reports.
- When Bezos ran the company, he encouraged employees to pitch product ideas and take them from concept to reality with minimal bureaucratic second-guessing.
- Bernstein analyst Mark Shmulik maintains Amazon.com with an Outperform, raising the price target from $125 to $140.
- Price Action: AMZN shares traded lower by 1.85% at $119.41 on the last check Wednesday.
- Photo by christian wiediger via Unsplash
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