Amazon shares rise for third straight week despite Bezos divorce
Amazon shares rose more than 4 percent this week as Wall Street shook off concerns that CEO Jeff Bezos’ impending divorce will impact the e-commerce giant’s business.
The company’s stock ticked slightly downward in trading Friday but managed to remain in positive territory for the third consecutive week. The three-week run is Amazon’s longest stretch of positive results since shares rose for six consecutive weeks from July to August 2018, according to Dow Jones Market Data Group. Amazon maintained its position as the most valuable publically traded U.S. company with a market cap of $809 billion, followed by Microsoft’s $795 billion.
Shares climbed even as investors processed the potential implications of Bezos’ split with his wife of 25 years, MacKenzie. TMZ reported that the couple did not have a prenuptial agreement, meaning that Bezos’ $137.2 billion fortune – which includes 78.8 million shares of Amazon stock – could be subject to an even split.
Bezos owns roughly 16 percent of Amazon shares and is the company’s largest individual shareholder, according to regulatory filings. Amazon has yet to address the financial terms of the divorce, but affirmed this week that Bezos remains committed to his role as CEO.
“Jeff remains focused on and engaged in all aspects of Amazon,” the company said in a statement.
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Amazon will report earnings on Feb. 7.