During an interview on Monday (April 20), American billionaire entrepreneur and investor Mark Cuban talked about Amazon stock (NASDAQ: AMZN), which is one of his core holdings.
Cuban is the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” on the highly popular reality show “Shark Tank” (which is aired on the ABC television network).
Amazon stock has gone up over 26% in the year-to-date (YTD) period, as you can see from this price chart by Google Finance:
However, Cuban remains confident that Amazon stock’s price rally is far from over:
“I think it goes up, up, up, up, up… People who weren’t comfortable dealing with Amazon for consumables, for food, for produce even, I think they’ve gotten to that habit now… I think Amazon just takes off. The stock is only going to go up.”
Last Thursday (April 16), the stock closed at $2,408.19, thereby recording its all-time high.
Cuban believes that even after the re-opening of the U.S. economy, consumers who are currently being forced to use Amazon because non-essential stores are closed will probably continue to buy from Amazon due to his concerns over their safety (in the absence of a COVID-19 vaccine):
“The greatest fear factor is going to be going back … to the small to medium-sized businesses because they don’t know what protocols they have in place to keep them as consumers safe.”
According to CNBC’s report on this interview, Amazon has “hired more than 100,000 new warehouse and delivery workers since March to help manage the surge in orders, and it’s planning to bring on 75,000 more workers.”
Amazon Stock Price Chart Courtesy of Google Finance