Billionaire Jeff Bezos nets $13 billion daily gain as Amazon shares soar
Amazon billionaire Jeff Bezos has seen his wealth valuation rise to new monthly highs as demand for shares of the world’s largest e-commerce company by market value rises.
Bezos, the second richest person in the world, now has a net worth of $159 billion. It reported a daily gain of $13 billion on Friday when strong buying pressure was seen on Amazon shares. The world’s largest online store, Amazon, was founded by Bezos. Through its main website, the Seattle-based company sells electronics, home goods, and other items. Additionally, it runs the Whole Foods supermarket chain and provides streaming and cloud computing services.
A day after the company reported stronger-than-expected second-quarter revenue and provided a bullish outlook, Amazon shares rose 10% on Friday.
Sales for the three months ending June rose 7% to $121.23 billion, beating Wall Street’s forecast of $119.09 billion. This is Amazon’s third consecutive quarter of single-digit revenue growth.
- According to Amazon’s forecast for the third quarter, sales growth could resume and reach between 13 and 17%. While analysts had expected a sales forecast of $126.4 billion, according to Refinitiv, the company said it expects revenue this quarter of $125 billion to $130 billion.
- Unlike the generally depressing earnings season for tech companies, Amazon and Apple reported positive numbers. Due to decades-high inflation, rising interest rates and other macroeconomic headwinds, Facebook parent company Meta, Alphabet and Microsoft all reported weak profitability for the quarter.
- Market analysts applauded Amazon’s earnings report, calling the e-commerce giant “a port in the macro storm” as it has so far appeared to overcome many of the challenges faced by its digital counterparts.
- The multi-billionaire Amazon founder, who gained notoriety for saying struggling employees were forced to urinate in bottles, is said to have kindly helped his parents make the joint $74 million mega-purchase.
- The deal came at the same time Bezos, 58, and his 52-year-old girlfriend, TV personality Lauren Sanchez, were recently seen strolling hand-in-hand in London’s affluent Mayfair.
- Before dining with Tom Cruise at a private club earlier this week, he took a private tour of Buckingham Palace.