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by Financegossips
Amazon has announced to lay off nearly 10,000 employees beginning this week. It would be the largest job cut in Amazon's history.
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The company will focus to lessen the number of employees working in: 1. Devices Organization 2. Retail Division 3. Human Resources
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1. Rising inflation 2. Tightening Money Policies 3. Company's disappointing earnings
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Amazon has lost its ranking among the only 5 companies with trillion-dollar market cap. The remaining list has Apple, Saudi Aramco, Microsoft, and Google.
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Recently, Amazon's shares declined by 13%. The Quarter 4 earnings report of Amazon, which was pretty bad, had triggered investors to selloff the shares.
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Jeff Bezos has said that he will donate the majority of his $124 billion wealth in his lifetime. Mr. Bezos is the world's fourth-richest person.
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Amazon is considered the e-commerce giant. In India, Flipkart is its alternative, but Amazon has and will always have the first-mover advantage.
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