Amazon founder and billionaire entrepreneur, Jeff Bezos is $8.1 billion richer in just 24 hours. This boost has pushed his total net worth to an impressive $150.6 billion at the time of this report.
Based on Forbes’s real-time millionaire index, Bezos’ gain in net worth is attributed to Amazon’s stellar financial performance. real-time
The company experienced its best day in eight months after releasing its earnings report, which revealed profits far surpassing Wall Street’s expectations. Consequently, this made the Seattle-based conglomerate’s centibillionaire founder, Jeff Bezos, even wealthier.
What you should know
Amazon’s shares surged by over 6% on that Friday, and the 59-year-old entrepreneur owns a substantial 9.7% of the company.
In a breakdown, Amazon reported robust financial results for the third quarter, with its revenue rising by 13% to $143.1 billion. Furthermore, the company’s net income more than tripled, reaching $9.9 billion, or 94 cents per share, compared to $2.9 billion, or 28 cents per share, from the previous year.
Amazon’s CEO, Andy Jassy, has been diligent in cost-cutting measures to combat inflation and rising interest rates over the past year. This included the largest layoffs in the company’s history, resulting in 27,000 job cuts since the previous fall. Corporate hiring was also frozen, and Jassy initiated expense reduction measures across various company units.
It further reported a laudable operating margin of 7.8%, marking the highest margin since it reached a record of 8.2% in the first quarter of 2021. This signifies a substantial increase from the 2% margin reported a year earlier.
Jeff Bezos is not the only one benefiting from this significant wealth surge. His ex-wife, Mackenzie Scott, also saw her net worth increase by an additional $2.2 billion, bringing her total worth to $34.3 billion.
More about Jeff Bezos
Jeff Bezos, who founded the e-commerce giant Amazon in 1994, has had an inspiring journey from starting in his Seattle garage to becoming one of the world’s wealthiest individuals. In 2021, he stepped down as Amazon’s CEO to take on the role of executive chairman. He currently owns just under 10% of the company.
In 2019, Bezos and his wife, MacKenzie, ended their 25-year marriage, and he transferred a quarter of his Amazon stake to her, which significantly contributed to her current net worth.
Bezos has also been actively involved in philanthropy, having donated more than $400 million worth of stock to various nonprofits in 2022, although the specific organizations that received these shares remain undisclosed.
Beyond Amazon, Bezos is known for owning The Washington Post and Blue Origin, an aerospace company focused on rocket development. In July 2021, he even embarked on a brief journey to space in one of Blue Origin’s rockets.
In a November 2022 interview with CNN, Bezos expressed his commitment to giving away the majority of his wealth during his lifetime, although he did not provide specific details about his philanthropic plans.
