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