Foreign Property News | Posted by Si Thu Aung
Amazon CEO Jeff Bezos added a record $13 billion to his fortune on Monday amid a coronavirus-fueled boom for his e-commerce empire.
A 7.9 percent jump in Amazon’s stock price helped the world’s richest man notch the largest one-day increase to any individual’s net worth in the history of Bloomberg’s Billionaires Index, which tracks the fortunes of the wealthiest people on Earth.
Bezos, 56, is now worth $189.3 billion — making him more valuable than major corporations such as McDonald’s, Exxon Mobile and Nike, according to Bloomberg.
The tech tycoon has added $74.4 billion to his wealth so far this year amid a 73 percent surge in Amazon’s stock price. The conglomerate has benefitted from increased demand for online shopping as lockdowns meant to control the COVID-19 pandemic shut consumers in their homes.
Amazon shares reportedly posted their best daily gain since December 2018 on Monday ahead of the firm’s second-quarter earnings report on Thursday. Analysts expect the Seattle-based company’s revenues to have surged 27 percent to $80.7 billion, though profits likely sank compared to a year ago amid rising costs, according to Bloomberg.
Bezos’ 11 percent stake in Amazon makes up more than 90 percent of his net worth, while the rest comprises his space-exploration firm Blue Origin, the Washington Post newspaper and $4.5 billion in cash and other assets, Bloomberg says.
Other tech titans have also seen their fortunes explode even as the pandemic sparked the worst economic downturn since the Great Depression. Facebook CEO Mark Zuckerberg has added $14.8 billion to his wealth this year, while Tesla boss Elon Musk’s net worth has grown by $46.9 billion, including a $5.7 billion jump on Monday, Bloomberg’s rankings show.
Ref: nypost.com
