Posted on Jun 29, 2018
Amazon wiped out $17.5 billion from eight companies in one day
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Amazon said it would recruit entrepreneurs to run local delivery networks, a move that could divert business from carriers FedEx and UPS. Together, the two companies lost nearly $3 billion in market value on Thursday, with UPS bearing the greatest losses.
A few hours after that announcement, Amazon said it would acquire online pharmacy startup PillPack, a deal that's already shaking up the health-care industry. Sources told CNBC that Amazon paid roughly $1 billion for the company. News of the deal erased about $14.5 billion from drugstores Walgreens Boots Alliance, CVS Health and Rite Aid and drug distributors Cardinal Health, AmerisourceBergen and McKesson.
Walmart, which sources said bid on PillPack for less than $1 billion, lost $3.04 billion in market capitalization on Thursday.
A few hours after that announcement, Amazon said it would acquire online pharmacy startup PillPack, a deal that's already shaking up the health-care industry. Sources told CNBC that Amazon paid roughly $1 billion for the company. News of the deal erased about $14.5 billion from drugstores Walgreens Boots Alliance, CVS Health and Rite Aid and drug distributors Cardinal Health, AmerisourceBergen and McKesson.
Walmart, which sources said bid on PillPack for less than $1 billion, lost $3.04 billion in market capitalization on Thursday.
Amazon wiped out $17.5 billion from eight companies in one day
Posted from cnbc.comPosted in these groups: 
Amazon
Amazon
Posted >1 y ago
Responses: 3
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I'm not a fan of monopolies, but Amazon really has been a consumer friendly monopoly. That said, he's proving that some of the competitors have been milking the public for some time. If companies put too much emphasis on margin rather than customer service, you eventually lose your customers. Rapid growth requires capital through large margins, in other words we all pay more for the goods and services than it costs to make them or provide.
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WOW. Disappointing because these other companies are very pro-veteran hiring. I know Amazon claims to be but I don't think it's as genuine as UPS. Can't say for sure though. The monopoly will burst eventually I think. They're getting too greedy.
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