- Amazon soared to new highs on Tuesday as Andy Jassy took over as CEO
- The stock peaked at $3,645 per share, implying a market cap north of $1.83 trillion.
- Jassy is widely expected to double down on Bezos’s customer-centric philosophy.
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Amazon stock soared to new highs on Tuesday as Jeff Bezos handed over the reins of the company to longtime insider Andy Jassy.
By noon ET, the stock had peaked at $3,645 per share, implying a market cap north of $1.83 trillion, before settling down. The intraday high was up 3.82% from Friday’s close, as markets were on holiday Monday for US independence day.
Jassy moves into the CEO position after more than two decades at the company, during which he founded and led Amazon Web Services, the firm’s cloud-computing unit. He’s widely seen as a continuity candidate set on doubling down on Bezos’s customer-centric philosophy.
“We’re strategically patient, but tactically impatient. Speed disproportionately matters to customers, and to businesses of all sizes at every stage of their evolution. Few people wake up thinking, ‘I want my items to come more slowly,'” Jassy wrote in his first companywide email on Tuesday, as Insider reported.
Amazon has enjoyed a steady upward march during the pandemic, climbing almost 75% from February 2020. Still, both Apple and Microsoft managed to beat Amazon to the $2 trillion market cap milestone, which the online shopping giant still has yet to pass.
The stock was trading at $3,633.03 as of 12:56 p.m. ET, up 3.48% on the day.