Amazon CEO Jeff Bezos Adds $13 Billion to His Net Worth in One Day

By Adriaan Brits Tuesday, July 28, 2020

Jeff Bezos, founder of ecommerce giant Amazon, is now worth more than both McDonald’s and Nike. According to Bloomberg's Billionaires Index, the 56-year-old is the first in history to experience such a significant increase in net worth in one day.

Bezos is now worth $189.3 billion. To compare, the net worth for McDonald’s is $142.3 billion, Nike’s net worth is $149 billion, and oil giant Exxon Mobil is worth $184 billion.

The Increase

A 7.9% increase in Amazon’s stock price since December 2018 has contributed to Bezo’s rapid growth in net worth. The CEO has now added around $74 billion to his income this year, in part due to an increase in online shopping during the COVID-19 pandemic.

On July 1, Bloomberg reported that Bezos was earning $12 million per hour, and it is expected that Bezos will soon become the first trillionaire by 2026.

Bloomberg has also reported that Bezos’s ex-wife, Mackenzie Bezos, is now the 13th richest person on earth after receiving a quarter of Amazon’s stake — amounting to $4.6 billion.

The Loss

While such an increase is undoubtedly a boon for Bezos, it’s also important to note that Amazon faced an $8 billion loss earlier this month. Although it may come across as a huge loss, it is actually a minor issue for the company — a decrease of just 4.4%.

According to investors, the reason for the loss is most likely because of “portfolio rebalancing, or momentum stock retreating a bit after a strong run.”

Amazon India Reaches Huge Milestone

Meanwhile, Amazon India reached a $2 billion benchmark under the Global Selling Program. It has been a huge achievement for Indian sellers with small and medium companies exporting their goods to global markets. The Global Selling Program launched in 2015, and over 60,000 products have reportedly been exported from merchants in India to over 15 websites.

The sellers in India are especially focused on special events in the US, such as Black Friday and Cyber Monday, which has helped with sales growth. Amazon has also teamed up with banks to help loans for small and medium sellers in India.

Amazon has helped the presence in the country’s ecommerce market, and the current success gives the nation a strengthening and promising future to small and medium businesses.

The Story Behind Amazon

Jeff Bezos founded Amazon in 1994, choosing Seattle for its headquarters. In May 1997, the organization officially went public, selling music and videos in 1998. At about the same time, Amazon operated internationally by acquiring and selling books online in Germany and the UK. Soon after that, the ecommerce company began selling video games, home improvement items, electronics, toys, games, software, and other common items.

By 2002, Amazon implemented Amazon Web Services (AWS), a subscription-based cloud computing platform for individuals, businesses, and government organizations. Amazon Prime, the two-day shipping membership service, launched three years later. Amazon Prime is also a platform that shares content for films, and tv shows that you can subscribe to monthly.

In 2015, Amazon surpassed Walmart as the most valuable retailer in the Us for market capitalization. Under the Amazon name, the company offers video and music services, as well as Amazon Kindle, Amazon Alexa, and Amazon Fire.

Amazon also owns subsidiaries such as Whole Foods, Goodreads, Twitch, and Audible.

About the Author

Headshot of author Adriaan Brits

As an analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in Advanced Analytics & Media.

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