Amazon Power

Amazon continues its quest by acquiring 1life Healthcare (ONEM) at $18 per share to add to the plethora of Subsidiaries it has built over the years. Inc. AMZN, 1.59% said Thursday it has signed an agreement to acquire One Medical, a primary care organization that operates under 1Life Healthcare Inc. ONEM, 68.32%, for $18 a share in cash, or $3.9 billion including debt. The stock closed Wednesday at $10.18. “We think health care is high on the list of experiences that need reinvention,” Neil Lindsay, senior vice president of Amazon Health Services said in a statement. He cited a list of inconveniences associated with health care, including time needed to make a booking, taking time off work, finding a parking spot near a clinic and then accessing a pharmacy. Once the deal closes, Amir Dan Rubin will remain CEO of One Medical. Amazon has made a series of moves in the health care space, including acquiring online pharmacy PillPack in 2019. One Medical stock soared 67% premarket after resuming trading following a halt, but has fallen 42% in the year to date, while the S&P 500 SPX, 0.69% has fallen 17%.

In addition to that came more news. Shares of Rivian Automotive Inc. rose more than 3% Thursday as Inc. started rolling out the first of the electric-vehicle maker’s custom-made last-mile delivery vans in several U.S. cities, including Baltimore and Chicago, saying that more will come by the end of the year. Amazon said the rollout is “just the beginning” of what it expects to be thousands of Amazon’s custom electric delivery vehicles in more than 100 cities by the end of this year, and 100,000 across the U.S. by 2030, it said.

Jeff Bezos had no clue his idea back in the 90’s would become the behemoth it is today. With a market cap of $1.27 Trillion it is the second richest company in the world according to Kanter’s annual BrandZ report, with Apple number 1. As of June 15th, 2022.

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