Amazon’s monopoly swells with $13.7 billion offer to buy Whole Foods

0
176

 

Amazon’s monopoly swells with $13.7 billion offer to buy Whole Foods

By
Evan Blake

17 June 2017

Amazon, the world’s largest online retail corporation, announced early Friday that it began negotiations to acquire the grocery store company Whole Foods for $13.7 billion. The corporation now has a foothold in the $800 billion US grocery market as it expands its octopus-like tentacles of economic domination into new segments of the world economy.

Amazon CEO Jeff Bezos’s personal fortune rose by an estimated $1.88 billion yesterday as Amazon’s stock soared by $23.54 a share. In a single day, Bezos earned as much as 72,890 Amazon warehouse workers—well over half the total American workforce—make in an entire year.

The sale expresses the tremendous power exercised by a handful of powerful financial houses on the world economy. Ninety three percent of Whole Foods shares are owned by so called “institutional investors,” with a quarter owned by just three companies—Vanguard, BlackRock, and State Street. These companies are also the first, second, and sixth largest institutional shareholders of Amazon stock, over 60 percent of which is owned by financial corporations. Four of the top five largest financial institutions in the world earned a combined winnings of $2.26 billion from the deal in the first day alone.

It is the financial aristocracy, not the workers at Amazon and Whole Foods, who are the sole beneficiaries of the potential merger between these two companies. While the corporate owners celebrate the deal, Bloomberg News quietly announced: “Amazon also wants fewer employees in each [Whole Foods] store, with those who remain providing product expertise, rather than performing mundane tasks.” In other words, thousands of jobs will be slashed. Current and…

Read more