Today Amazon, Berkshire Hathaway, and JPMorgan Chase announced that they would work together to form a new healthcare company. The new healthcare company would be intended for their US employees. The three companies voiced their frustration with the current health care system in the US, saying that their company would be “free from profit-making incentives and constraints.” The specifics of this new company are still unknown as the project is still just a concept. However, many insiders are saying that this could be “big.”
Many healthcare stocks were down on the news, as a new company would pull profits away from establishment companies. Amazon’s stock (AMZN) was up today, while Berkshire Hathaway (BRK) and JPMorgan Chase (JPM) were both down.
Read more about the announcement here.