What we’re reading (2/2)
“Jeff Bezos To Step Down As Amazon C.E.O.” (Washington Post). “On Tuesday, Mr. Bezos, 57, said his run at the top of the Seattle-based company was over. As Amazon reported its latest set of blockbuster financial results, Mr. Bezos said he planned to hand over the reins this summer and transition into the role of executive chairman. Andy Jassy, 53, the chief executive of Amazon’s cloud computing division, will be promoted to run the entire company. The change will be effective in the third quarter, which starts in July.”
“GameStop Shares Tumble 60 Percent As Broader Market Swells” (Washington Post). “GameStop losses piled up, with shares tumbling 60 percent Tuesday while the broader market got a bounce from promising corporate earnings and ongoing coronavirus stimulus talks.”
“Remotely Competitive” (City Journal). “After decades of expert predictions that technological change would reshape the nature of employment, in just ten months the Covid-19 economic shutdowns have made full-time corporate employment from home a reality for tens of millions of American workers. Just how many of these workers will remain employed at home after the pandemic ends remains an open question, but it’s clear that many workers have become convinced that there’s little reason to go back to the old model of everyone in the office all the time.”
“One Of Uber’s Earliest Investors Says The Billions It Spent On Self-Driving Were A ‘Waste Of Money’” (Business Insider). “Uber's food-delivery business has been a massive boon for the company as the pandemic sent ride-hailing revenues down the tubes and takeout orders through the roof. One early investor in the company, Benchmark's Bill Gurley, says the company should have committed more investment to food delivery that it instead spent trying to build self-driving vehicles.”
“Google’s Cloud Business Is Losing Money” (CNN Business). “Google is providing a deeper look into the financials of its cloud business, and it doesn't look great. Google Cloud posted an operating loss of $1.2 billion in the final quarter of 2020, 4% worse than a year earlier, the tech giant reported Tuesday. The unit lost $5.6 billion for the full year, an increase of nearly 21%.”
