Amazon.com, Inc.‘s AMZN second-quarter earnings report has driven Jeff Bezos’ fortune by $11 billion, solidifying his status as one of the world’s richest people.
What Happened: The e-commerce behemoth’s earnings report, released after the closing bell on Thursday, exceeded Wall Street analysts’ projections by a significant margin.
It showcased a remarkable surge in online sales during the three months ending June 30, leading to a substantial increase in revenue and profits.
Investors responded enthusiastically to the stellar results, causing Amazon’s stock price to jump around 9% at the opening bell on Friday.
With Bezos holding 990,476,371 Amazon shares, as reported in June, calculations suggested that he stood to make a jaw-dropping $11.3 billion if those gains held up until the closing bell, according to Markets Insider.
The substantial gain solidifies Bezos’ status as one of Earth’s richest individuals, with his wealth surging by an incredible $47 billion in 2023, according to the Bloomberg Billionaires Index.
Currently, Bezos holds the third spot on the list of the world’s wealthiest people, trailing only Tesla Inc. TSLA CEO Elon Musk and Louis Vuitton’s LVMUY Bernard Arnault.
Why It’s Important: Last week, the internet went into a frenzy when Lauren Sanchez, Bezos’ fiancée, shared a jaw-dropping photo of the billionaire climbing the ladder of his recently acquired $500 million megayacht on her Instagram account.
The post triggered people’s interest in delving deeper into Bezos’s fitness regime, which we previously explained in detail.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Read Next: Bezos-Backed Startup Lets You Become A Landlord With $100
Photo by lev radin on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
