E-Commerce Giant Amazon Partners With JP Morgan Chase and Warren buffet
According to latest reports ,E- commerce giant Amazon is entering into a partnership with JP Morgan Chase and Warren Buffett to reform the US health care system. These three companies have a collective market cap of more than $1.62 trillion. The company did not provide details of how this collaboration between the companies came into existence.
Jeff Bezos is the founder and CEO of Amazon and is also one of the richest person in the world. Over the years Bezos grew Amazon from a book retailer into the most valuable companies in the world. The company has been investing a lot of money in providing its customers with the lowest price products as compared to its competitors. Amazon is a company that is focused on sales growth rather than consistency in profits. Players in the health care market fear that Amazon will enter the health care market with low cost products and will force existing players to reduce their prices.
On the other hand,Warren Buffet has over 70 years of experience with stocks and investments. Buffet is respected by millions of people globally because of his charity initiatives around the world.
Warren Buffets Company, Berkshire Hathaway, owns numerous insurers including GEICO. Buffet brings a handful of experience in insuring risks. Moreover, the 87 year old has been a critic of the US health care system since a very long time.
Bezos and Buffett’s third partner, Dimon, who is 61 years old is the head of one of the biggest banks in the US both in terms of deposits and assets. Also, JP Morgan and chance just received a big tax cut from the government. During the 2008 US financial crisis, Dimon earned a lot of respect from his critics because he handled this situation extremely well.
Bezos, Dimon and Buffett said that technology will be at core of their new project. They said that they want to provide simplified and transparent health care to Americans. The company initially aims to enter the health care market by acquiring numerous existing health care companies that are already operating in the market.