WorldFirst Mysteriously Cuts Ties With Amazon Amid Trade War Fears
Jeff Bezos currently holds the crown for being the richest man in the entire world. It may be an impressive achievement but his company has managed to snag the top spot as well for being the most valuable company in the world today after Amazon surpassed Microsoft and Apple in market cap.
The 24-year-old company recently hit the trillion dollar mark, the second company in American history to reach the milestone, not long after Apple Inc. became the first some time last year. Experts believe that one of the major reasons why Amazon has been so successful all these years is because of how they managed to give people an opportunity to shop online, as well as give an opportunity to sellers to put up their products for people to buy.
It may all seem great so far but the year is not exactly in favor of the most valuable company in the world. Last month, its founder and CEO Jeff Bezos revealed that he will be divorcing his wife of over two decades. This issue has definitely affected the company since investors have no idea how much this divorce will cost the business or if they signed a prenuptial agreement before getting married.
To rub more salt to their wounds, investors were shocked by the bombshell news of Jeff Bezos cheating on his soon-to-be-ex-wife with a married woman. Aside from that, the US-China trade has also been affecting the company massively this year, especially since Amazon’s most trusted foreign exchange transfer system depends on it.
Amazon Sellers Caught in the Middle
It all started back in December last year when a rumor broke out about WorldFirst being acquired by China’s Ant Financial, which is by the mobile-wallet company AliPay. WorldFirst has been tested and proven by Amazon for years now since it facilitates payments all over the world.
Ant Financial has already managed to do a cross-border acquisition when they planned to acquire MoneyGram for $1.2 billion in 2018, but their request was rejected by the Committee on Foreign Investment in the U.S., with national-security concern cited as the main reason.
Just recently, a huge number of Amazon sellers relieved a notice from WorldFirst that they will no longer be continuing business with the United States. This obviously shocked major Amazon sellers since the company, which is originally British-based in London, has been their partner when it comes to international money transfer for years.
According to the email that they received, the shareholders of the company decided that it was best to no longer continue operations in the United States. Unfortunately, no explanation was provided nor any hint revealed as to why exactly they decided to discontinue their services in the country all of a sudden.
Some sellers speculate that this is because of the major rebranding that just happened, because the U.S. branch will now be known as Omega, and will no longer be affiliated with WorldFirst. This escalated Amazon sellers’ speculation that it has something to do with the rumored acquisition of Ant Financial, which is a Chinese company. This may not be too big of a deal if there is nothing going on with the United States and China at the moment.
U.S.- China Trade Wars Truce Almost Over
It was during the dinner meeting in Buenos Aires, Argentina last year when a truce was struck between China and the United States which will only last for 90 days, according to the representative of U.S. Trade department, Robert Lightizer. This just means that it will end this coming March 2. However, things may still change since United States President Donald Trump will meet Chinese President Xi Jinping in just a couple of weeks in Asia, but it is still tentative since there was no date or a specific place that was announced. The trade wars between the two nations have definitely been affecting their people so much, especially their businesses.
Some of the biggest companies that have been affected by this trade wars are Apple, whose sales in China went down, Tesla, who has been struggling with their delivery, and Amazon, with the WorldFirst acquisition by Ant Financial. It was rumored that things would get either better or worse this year once the World Trade Organization gets involved.
More in Global
Lufthansa Airlines is Launching a New Leisure Unit under the name ‘Ocean’ – Here’s Everything You Need to Know
The airline industry is facing a major challenge during the past few months owing to the complete paralysis of movement, thanks...July 23, 2020
Cool Tips to avoid Letting your Income Subside During Coronavirus
There’s an astonishing number of people adversely impacted by Coronavirus all around the world. This stark reality is evident from the...July 22, 2020
The Most Favorable Things in Which You Can Invest In 2020
While the world was anticipating a financial and economic crisis similar to the one in 2008, it instead found itself facing...July 21, 2020
Looking to Secure Your Wealth During These Uncertain Times? These Low-Risk Investment Ideas Might Be Just What You Need
The year 2020 has presented the world economy with unprecedented challenges. Due to the coronavirus emergency and the worldwide reactions to...July 15, 2020
Learn How to Ace Your Next Video Interview With These Expert Tips
Due to the limitations of the Covid-19 pandemic, many people have been met with new issues that need immediate resolution. One of...July 14, 2020
Finances Got You By The Throat? Here’s How You Can Reduce Your Tax Payments This Year
Tax day is due July 15th and not everyone is looking forward to it. In 2019, approximately 8 million people did...July 13, 2020
Friends Asking For a Loan? Learn How to Play Safe with these Expert Tips
Money, at times, becomes a source of strife among relatives and friends, hence financial experts will mostly advise you to avoid...July 11, 2020
Planning to Quit the 9-5 Routine Soon? Don’t Forget to Take a Look at 401(k) Retirement Plans
Are you tired of the regular Monday to Friday work life? Do you want to quit? Before you do, you might...July 10, 2020
Want to Work even after Attending your Retirement Party? Here are a Few Options for You!
Even after retirement, several people feel the urge to keep working, and there could be multiple reasons behind this. Monetary requirements...July 9, 2020