Business

As Amazon slashes prices, Bezos sees jump in wealth

Wednesday, July 18, 2018

Print this page Email A Friend!


WASHINGTON, United States (AFP) – As Amazon marked its “Prime Day” with price cuts across a range of products, founder and chief executive saw his net worth hit new peaks, increasing his lead over fellow billionaires.

Bezos's net worth topped US$150 billion on Monday, according to the Bloomberg Billionaires Index, making him the richest person in decades.

The surge in the share price for Amazon – in which Bezos holds a stake of some 16 per cent – has lifted his wealth by some US$50 billion this year.

And Bezos has moved into a wealth category by himself, far ahead of Microsoft founder Bill Gates, worth an estimated US$95 billion, according to the Bloomberg ranking.

Gates saw his net worth briefly hit US$100 billion in 1999, but since then Bezos appears to be the only person to top that milestone.

Historically, Bezos still trails other wealthy individuals such as oil magnate John D Rockefeller and steel baron Andrew Carnegie, whose inflation-adjusted net worth would be more than US$300 billion.

Yet his rise has been nothing less than spectacular since 2014 when his fortune was estimated at around US$32 billion.

Bezos founded Amazon two decades ago as an online bookseller, and it has mushroomed into one of the world's most valuable companies with retail operations in more than a dozen countries, a major cloud computing division, and with operations in digital devices, artificial intelligence, streaming video and groceries.

Amazon's market capitalisation has risen to nearly US$880 billion in recent weeks, ahead of that of Google parent Alphabet but behind Apple.

Bezos, 54, also owns the private space exploration firm Blue Origin and purchased the Washington Post newspaper in 2013.

ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT