Sunday, September 20, 2020

Jeff Bezos Adds $6.4 Bn To His Net Worth As Amazon Stocks Hit New High

  • Jeff Bezos adds $6.4 Billion to his net worth after Amazon’s stock reached a new all-time high on Tuesday with the company facing high demands.

Already the richest person in the world, Jeff Bezos saw his net worth leap almost 5 percent after Amazon’s stock reached a new all-time high on Tuesday, with the e-commerce site witnessing unprecedented demand despite widespread shutdowns linked to coronavirus.

On Tuesday, Amazon stock soared 5.3 percent, reaching a new high close to $2,283 per share. So far this year, the market has risen by more than 20 percent, outperforming the benchmark index (the S&P 500 is down more than 12 percent).

Amazon is the first big corporation to recover from the coronavirus market selloff that started at the end of February: this is one out of just 28 companies in the S&P 500.

When the stock of the company rises to a new all-time high, that makes Jeff Bezos, CEO, and founder, noticeably richer: on Tuesday his fortune increased by $6.4 billion, according to Forbes’ estimates.

Bezos, who already holds an 11.2 percent interest in Amazon, is now by far the richest person in the world: Forbes estimates his net worth at $138 billion at 4:15 pm ET today.

His newly divorced ex-wife, Mackenzie Bezos, who owns about 4 percent of Amazon, saw her $2.2 billion net worth grow to $44.8 billion in total.

“In this crisis, Amazon has become a utility — defensive, efficient, indispensable,” Josh Brown, CEO of Ritholtz Wealth Management, said in a tweet on Tuesday about the stock’s results.

A company spokesman told The Wall Street Journal that products will be limited by quantity so that Amazon will continue to prioritize important products and protect staff, “while also ensuring that most distribution partners will ship merchandise to our warehouses.”

Amazon is the second-largest company in the world, with a market cap of $1.14 trillion — second only to Microsoft, worth $1.32 trillion.

Bezos sold more than $4 billion in Amazon shares in early February, netting him at an estimated $3.1 billion after taxes.

While facing criticism of how he treats the coronavirus pandemic inside Amazon’s warehouse (some employees have protested and called for further safety precautions), Bezos revealed he will donate $100 million to Feeding America, a global, non-profit organization that runs a network of food banks and food pantries around the country.

Jeff Bezos secured the top spot on Forbes Billionaires List for the third year in a row. His net worth plummeted last year to $113 billion from $18 billion, according to Forbes, partly because of his high-profile divorce from MacKenzie Bezos. Last year

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

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