Jeff Bezos Becomes The Richest Man In Modern History
Amazon owner Jeff Bezos has furthered his incredible wealth after the Pentagon cancelled a contract with Microsoft.
For a brief time in January, Elon Musk was the richest person in the world with $210 billion (USD). However, Jeff Bezos quickly reclaimed this position as the share price of Amazon continued to soar by 15.4% in 2021.
Bezos has now put further distance between himself and other billionaires as Bloomberg’s Billionaire Index notes he is now worth $211 billion (USD). This puts the Amazon CEO $30 billion ahead of his closest rival Elon Musk and makes him the richest man in modern history.
The increase in wealth comes after the Pentagon announced it is cancelling the $10 billion JEDI contract with Microsoft. The contract was agreed upon during the presidency of Donald Trump, but there were claims that the president exerted improper pressure on military officials to ensure Amazon did not get the contract.
On the back of this, the contract was put on hold as Amazon filed a lawsuit. This has given the Pentagon time to reassess its technology needs.
In a statement reported by the BBC, the Pentagon said:
With the shifting technology environment, it has become clear that the JEDI Cloud contract, which has long been delayed, no longer meets the requirements to fill the DoD’s capability gaps.
After this announcement, Amazon stock soared 4.7%. While investors can see the value in the contract being scrapped, this doesn’t mean that Amazon will manage to obtain a deal.
As per the Daily Mail, analyst Charles Moerdler believes Microsoft may win back the contract because they have had time to adapt their technology for the Pentagon’s everchanging needs. This could mean that Bezos’ net worth takes a fall in the coming months.
Despite uncertainty about the future wealth of Bezos, becoming the richest man in modern history is an incredible achievement. In fact, only the likes of John D. Rockefeller managed to have more money in the last century and this is when his finances were adjusted for inflation.
Bezos is set to retire from Amazon in the coming weeks, and it seems he will be doing it while at an all-time high. After he’s stepped back, he will continue to make money from Amazon and Andy Jassy, the current CEO of Amazon Web Services, will take over.
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