Bezos: Amazon will pass scrutiny with “flying colours”
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Bezos: Amazon will pass scrutiny with “flying colours”

Ecommerce giant Amazon has fared better than some in the backlash against big technology companies that we witnessed in the first half of 2018. However, it still has its detractors – and none so vociferous as the current U.S. President, Donald Trump. Mr. Trump has made no secret of the fact that he wants to scrutinize Amazon, and he’s not alone: a number of U.S. lawmakers have aired concerns over the amount of tax Amazon is paying, and the extent to which it relies on the U.S. postal service. However, the company’s CEO, Jeff Bezos, is not worried.

Amazon’s share price has increased by 38% so far this year

graph 0406 amazon

SOURCE: Yahoo Finance

At the company’s annual shareholder meeting last Wednesday, Mr. Bezos told listeners that scrutiny is something that comes with size – companies like Amazon should expect it. He also noted that Amazon’s growth had been particularly swift – in 2010, the company had just 30,000 employees. Today, it has nearly 600,000.

Regarding scrutiny, he said: “Don’t take it personally, because if you do take it personally you start doing things that are counterproductive. We have to conduct ourselves in a way that when we are scrutinized, we pass with flying colours.”

Amazon, which is now the world’s second most-valuable corporation, also played host to an unlikely guest: civil rights campaigner Rev. Jesse Jackson. Rev. Jackson was on-hand to make a pitch for the company’s creation of its second headquarters in Chicago.

Disclosure

Dominion holds Amazon in its Global Trends Ecommerce Fund.


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