Chevron – Amazon.com, Chevron, Peloton: Stocks That Defined the Week
Jeff Bezos is stepping back from Amazon. The CEO will hand the day-to-day reins to Amazon’s cloud-computing guru Andy Jassy and become executive chairman later this year, the company said Tuesday. Mr. Bezos started Amazon.com in 1994 as a scrappy online bookseller, and under his leadership the company became America’s largest online retailer and leading cloud-computing service provider, playing big roles in Hollywood, bricks-and-mortar groceries and logistics. Amazon shares fell 2% Wednesday.
Two of Standard Oil’s biggest descendants considered a reunion. The leaders of Chevron and Exxon Mobil Corp. discussed merging their companies last year, following the coronavirus outbreak that put them under tremendous financial strain. Such a deal would reshape the oil industry and reunite the two offshoots of John D. Rockefeller’s oil monopoly, which was broken up by U.S. regulators in 1911. The talks were preliminary and aren’t ongoing, but could come back in the future. But a merger of the two largest American oil companies could encounter regulatory and antitrust challenges under the Biden administration. Chevron shares added 1.4% Monday.