Bezos Steps Down as CEO With Q4 Earnings Topping $100B and Competitors Gain Market Advantage on Beyond Meat
Amazon CEO, Jeff Bezos, and second richest man in the world has decided to step down to focus on other projects such as Blue Origin space company and hand the baton off to Andy Jassy, who currently leads Amazon Web Services. Bezos will remain active in Amazon in a high position as executive chair of the company during the 3rd quarter of 2021.
With this upcoming swap of leadership, Andy Jassy will come to take the helm and navigate Amazon through anti-trust legal battles. He will also inherit a strong company, however, with Q4 revenue sitting at $125.56 billion a higher mark than the expectation at $119.70 billion.
Beyond Meat is a company focusing on making fake meat burgers and other meat products that taste exactly like meat. Impossible Labs is another company, doing the same thing. The two are the forerunners in the new market space of fake meat. Just yesterday, Impossible Foods announced a plan to lower the price of its burger patties by 20%, bringing the retail price of the Impossible Burger to a mere $5.49, cheaper than the Beyond Meat patties. Impossible Foods stock is private, yet its good news did affect stocks.
Beyond Meat’s stock is lower following the news of the price cut, a change in direction from the longer-term trend, in which shares have gained more than 42% since the start of the year.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.