Jeff Bezos, the founder of Amazon, recorded a $3.8 billion boost in his net worth on the back of a recent market upswing driven by heightened investor confidence in the e-commerce giant’s 2024 outlook.
The gain after Monday’s market trading positioned Bezos as the top gainer during the session, as per Forbes estimates. His current net worth stands at an impressive $171.4 billion.
Despite Amazon facing some headwinds alongside other major tech firms in last week’s market downturn, the company demonstrated resilience with a 1% increase in its shares on Monday.
This positive momentum is attributed to a favourable outlook on Amazon’s profit prospects, particularly driven by advancements in artificial intelligence (AI).
To emphasize the robust growth trends and improved profit margins. Notably, the company is reaping the benefits of strategic investments made during the pandemic.
The anticipated increase in demand for Amazon’s cloud business, driven by AI advancements, further contributes to the positive sentiment surrounding the company.
Optics
- Recent data indicates an 18% increase in consensus expectations for Amazon’s net 2024 earnings over the past three months. This growth stands out, especially when compared to a steady view of revenue.
- Amazon’s October financial results reflected strong performance in both earnings and sales, particularly in its cloud business segment.
More insight
Other notable beneficiaries of Monday’s market dynamics include Jensen Huang, co-founder of Nvidia, who witnessed a commendable $2.7 billion boost to his net worth.
Additionally, Larry Page experienced a $2.4 billion gain from Alphabet, Mark Zuckerberg secured a $2.3 billion increase from Meta, and Sergey Brin garnered a parallel $2.3 billion enhancement from his stakes in Alphabet.
Sergey Brin, while stepping down as the president of Alphabet in December 2019, remains a board member and a controlling shareholder, maintaining his influence in the company’s fortunes.
