The markets may have been closed Monday, but that didn’t stop Amazon from continuing on with their plans for Jeff Bezos to hand over the company’s reigns to now acting CEO Andy Jassy. Jassy, who has previously been the CEO of Amazon’s Web Services sector is now taking control of the entirety of the company after former CEO Jeff Bezos successfully led them through 27 years of continued growth from an online bookseller to the $1.75 trillion global retailer it is today.
Bezos, though stepping down, will continue to have a strong influence over the company’s direction as he now holds the title of “executive chair.” Among his continued responsibilities under his new title, Bezos will more than likely be involved less in the company’s day-to-day operations but still be able to have input when it comes to company-wide initiatives.
This new title will also continue to allow Bezos to be the company’s largest single shareholder as well as a mentor of sorts to the incoming CEO.
To fill his time after his reign at Amazon, Bezos recently said he plans to focus on other ventures including becoming further involved in the happenings at the Washington Post, which he purchased for $250 million in August of 2013.
… And perhaps adding yet another contender to the “billionaire space race” Bezos is also expected to spend more time developing his own space company Blue Origin, which would more than likely be a direct competitor to Tesla founder Elon Musk’s space company, SpaceX.
Economic Data and Earnings Reports
Wednesday will see the release of more U.S. economic data with the Jobs Openings and Labor Turnover survey being made public as well as the Federal Reserve’s minutes from their June FOMC meeting.
… And continuing through the week, investors can expect yet another batch of earnings reports to be released with companies such as Levi Strauss, Northern Tech, Accolade and Platinum Group Metals all releasing new data to the public, as well as many others.
Wrapping Up the Week
Finally, Friday will see Treasury Secretary Janet Yellen head to Venice, Italy for the finance ministers and central bank governors meeting where she’s hoping to make progress on an agreement for a global minimum tax of at least 15%. A motion that, while being met with mixed support from her own country, has been met with a surprising amount of support from officials of 130 other countries.
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