- Amazon founder Jeff Bezos watched his wealth rise by $24 billion Wednesday, once again locking him in as the world’s richest man.
- Bezos’ total wealth number jumped to $138 billion Monday on the Bloomberg Billionaires Index.
- Bezos’ wealth jumped $24 billion “after soaring demand for online shopping sent the firm’s share price to a new high,” the BBC News reports. “... Amazon has benefited from surging internet shopping by people forced to stay home during the COVID-19 outbreak.”
- Amazon’s shares jumped 5.3%. Bezos owns 11% stake in Amazon.
- Amazon’s stock hit an all-time record with the jump, according to Forbes. It is now worth $2,283 per share — representing a 20% jump over the last year.
Why this matters
- Experts told Bloomberg that wealthy people like Bezos and his peers will see a boost in wealth over the coronavirus pandemic.
- Matt Maley, chief market strategist at Miller Tabak + Co. told Bloomberg: “The wealth gap, it’s only going to get wider with what’s going on now. The really wealthy people haven’t had to worry. Yes, they’re less wealthy, but you haven’t had to worry about putting food on the table or keeping a roof over your head.”
- Corporate insiders may receive a bump as well from buying company shares.