Jeff Bezos Is Nearly $14 Billion Richer After Amazon Stocks Boom
I was over the moon to find a £5 note in my coat pocket this week, but my joy has been slightly dampened by the fact that Jeff Bezos increased his wealth by almost $14 billion in the same timeframe.
The joy hasn’t been eradicated altogether – I mean, £5 to me is probably worth a good few billion to Bezos when you compare our total earnings – but it’s still a bit disheartening to know there are people out there who can earn such eye-watering amounts in such short spaces of time.
Bezos’s wealth increase comes as the US stock market experienced its best week since April, helping many of the world’s richest expand their wallets.
In the week between October 30 and November 6, Amazon’s stock jumped more than 9% and added a whopping $13.9 billion to founder and CEO Bezos’s wealth.
The boost comes in spite of uncertainty around the results of the presidential election, and Forbes calculates that Bezos’s net worth is now $193.4 billion as a result.
Bezos wasn’t the only one to benefit from the stock market success this week, as Facebook saw its stock go up 11.5%, adding nearly $11 billion to the net worth of the world’s fourth-richest person, CEO Mark Zuckerberg.
LVMH chairman and CEO Bernard Arnault gained $11 billion as shares of his company were up more than 10%, while Google cofounders Larry Page and Sergey Brin saw their fortunes rise $5.7 billion and $5.5 billion, respectively.
Elon Musk also saw his net worth rise, with Tesla’s shares up 10.8% in the last seven days. He earned $7.8 billion, bringing his total worth to $94.8 billion.
Meanwhile, Bill Gates’ fortune increased by $5.4 billion.
The strong week comes after the 10 wealthiest billionaires took a hit last month, collectively losing $14 billion – again, the amount Bezos made in a week – in a single day. Zuckerberg suffered most in the decline, which was caused by a rise in coronavirus cases and stalled negotiations about another fiscal stimulus bill.
While this week’s success will have helped restore the shareholders’ wealth to previous levels, Bezos managed to avoid the fallout, meaning his $14 billion will simply add to the giant pile of money he already had.
The Amazon CEO owns a 11.1% stake in the e-commerce site, which he founded in 1994. Amazon has had increased success throughout the coronavirus pandemic as people around the world were encouraged to stay at home and turned increasingly to online shopping.
The company said it hired 175,000 additional workers between March and April, following the initial outbreak of the virus.
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