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Costco is teaming up with Wheels Up to offer a one-year subscription to private jet travel. Kristina Partsinevelos from FOX Business with more.
Amazon has become a dominant force in the booming e-commerce industry, but Costco still holds a key advantage over its retail rival, according to renowned investor and Berkshire Hathaway vice president Charlie Munger.
“Costco, I think, has one thing that Amazon doesn’t have. People really trust Costco to deliver huge value, ”Munger said at Daily Journal Corporation’s annual shareholder meeting, according to Yahoo Finance. “And that’s why Costco presents some danger to Amazon. Because they have a better reputation for adding value than virtually anyone, including Amazon. “
HOW AMAZON WAS FOUNDED
In February, Amazon revealed that it generated record revenue of $ 386.1 billion in fiscal 2020 as home shoppers turned to digital options during the coronavirus pandemic. Costco, a traditional retailer that uses a members-only model, reported $ 163.2 billion in revenue in its 2020 fiscal year, which ended last August.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 3,159.53 | -34.97 | -1.09% |
| COST | COSTCO WHOLESALE COMPANY | 340.70 | -1.45 | -0.42% |
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Munger is a longtime supporter of the Costco brand, having served on the company’s board of directors since 1997. He also owns a significant minority stake in the company.
In November, a 13F filing revealed that Berkshire Hathaway had sold its entire stake in Costco, which at the time was worth $ 1.3 billion.
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Munger has a personal net worth of around $ 2 billion, according to Forbes.
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