Be­zos sees his riches jump $13bn in a day as Ama­zon shares de­liver

The Daily Telegraph - Business - - Business - By Hasan Chowd­hury

JEFF BE­ZOS added $13bn (£10.2bn) to his for­tune yes­ter­day in what is be­lieved to be the largest sin­gle-day wealth jump for an in­di­vid­ual ever recorded.

The 56-year-old founder of Ama­zon has seen his value grow by $74bn this year to $189.3bn, ac­cord­ing to the Bloomberg Bil­lion­aire In­dex. It comes af­ter an 8pc climb in Ama­zon’s share price, the most since De­cem­ber 2018, fol­low­ing ris­ing op­ti­mism about web shop­ping trends. Ama­zon’s shares are now up 73pc this year.

The rally, which puts Mr Be­zos’ net worth at a higher val­u­a­tion than some of Amer­ica’s largest blue chip com­pa­nies, was also driven by re­newed op­ti­mism in Ama­zon from an­a­lysts, who fore­cast sus­tained growth for the busi­ness. Heather Bellini, a Gold­man Sachs an­a­lyst, in­creased the price tar­get on the com­pany’s stock from $3,000 to $3,800, while boost­ing her pro­jected es­ti­mates on the com­pany’s rev­enue for the year to $361.5bn, up 3.4pc.

Stay at home measures that first came into ef­fect at the start of the lock­down drove sales and de­liv­er­ies of goods for Ama­zon glob­ally, but Mr Be­zos has warned that the com­pany is not im­mune to the im­pact of coro­n­avirus.

In May, the Ama­zon chief claimed that it would prob­a­bly not make a profit in the sec­ond quar­ter of the year as it ramped up spend­ing on Covid-re­lated costs such as per­sonal pro­tec­tive equip­ment, test­ing and deep clean­ing. Mr Be­zos owns around 11pc of Ama­zon’s stock, which ac­counts for the bulk of his wealth. The com­pany’s val­u­a­tion now sits at about $1.59 tril­lion.

Macken­zie Be­zos, his ex-wife, gained $4.6bn and is now the 13th-rich­est per­son in the world. On the same day, Tesla founder Elon Musk’s wealth sur­passed $74bn, mean­ing he is now the fifth-rich­est per­son on the planet. Other tech ti­tans are also en­joy­ing a surge driven partly by peo­ple forced to stay at home and helped by the boost given to mar­kets by un­prece­dented stim­u­lus ef­forts by gov­ern­ments.

Face­book boss Mark Zucker­berg has added al­most $15bn to his net worth so far this year. An­other lock­down win­ner is Zoom founder Eric Yuan, whose wealth has nearly quadru­pled to $13bn.

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