After on Wednesday, Amazon.com, Inc. AMZN entered the exclusive $2 trillion market cap club, Tesla and SpaceX CEO Elon Musk reacted to an old video of Jeff Bezos, calling him “buff Bezos.”
What Happened: Founded on July 5, 1994, Amazon had a market capitalization of $2.014 trillion, at the time of writing. Soon after the e-commerce giant crossed the $2 trillion mark, Jon Erlichman took to X, formerly Twitter, and shared a nostalgic video of Bezos.
In the video, Bezos, looking reasonably young but much leaner than his current physique, was showing the first office of Amazon. He also showed his desk, fax machine, and an extension cord because there wasn’t enough power in the room.
Musk replied to Erlichman’s post, saying, “Now he is Buff Bezos,” possibly referring to both Bezos’s physique development and Amazon’s latest market cap.
Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.
Why It Matters: Amazon’s stock surge has been attributed to multiple developments, including a Buy rating and an increased price target from BofA Securities analyst Justin Post. The analyst cited further efficiency gains ahead for the e-commerce behemoth.
Earlier this month, it was also reported that Amazon’s original book business generated $16.9 billion in sales in the first 10 months of 2022, surpassing its digital counterpart, e-books.
In April, Amazon reported its first-quarter results, with net sales of $143.3 billion, a 13% increase year-over-year, surpassing the Street consensus estimate of $142.5 billion, according to data from Benzinga Pro.
AMZN Price Action: At the time of writing, Amazon shares were down 0.28% in the after-hours session at $183.07. The company’s shares closed 3.90% higher at $156 and $193.61 in the regular session, according to Benzinga Pro.
Photos by lev radin and Kathy Hutchins on Shutterstock
Check out more of Benzinga's Consumer Tech coverage by following this link.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
