The founder of Amazon – the US retail giant that has grown far beyond its original business of e-commerce to branch out in artificial intelligence, cloud computing and digital streaming – Jeff Bezos has become the world’s second richest man, thanks to a jump in the price of Amazon’s shares.
Reports revealed that Bezos has sold a part of his holding in Amazon even as the company he founded is pushing ahead in a challenging market and investing in new technology-driven opportunities. One of the most significant points in this development is that the investors are reacting enthusiastically to the company’s shares, despite its fabled boss selling some of his shares in the past several months.
What is Jeff Bezo’s networth?
Reports said that Jeff Bezo’s networth stands at $222 billion, most of which is a function of the shares price of Amazon. It has powered the rise of Bezos to the second wealthiest person in the world, just behind Elon Musk (who is the world’s richest man) and just ahead of Mark Zuckerberg, the founder of Facebook. The net worth of Bezos has risen by a whopping $42.8 billion (y-o-y) which is substantially attributable to the rise in Amazon’s stock. The share price of Amazon is nearly $200 – a historic level that it never reached since the company’s shares began trading on Nasdaq.
The rise in Amazon shares
According to reports, the third-quarter earnings figures of Amazon powered it stock prices as high as 7% last week. The results exceeded market expectations and fuelled the growth in its hare prices. In fact, Amazon shares have rallied in the US markets in the past 1 year, when the rise has been recorded at more than 40%.
Reports said regulatory filings revealed Bezos has sold Amazon shares worth more than $3 billion. This divestment has pushed up the total stock sale by Bezos only in this year to more than $13 billion. However, there has been no explanation as to why he is selling his shares in the successful company.
Amazon’s journey began in a Washington garage
Jeff Bezos set up Amazon on July 5, 1994 at his garage in Washington. What began as an online marketplace for books, expanded so dramatically that it turned into a success story on which books began to be written. In 1997, it was listed on Nasdaq.
