Wednesday May 22, 2024

Amazon stock hits all time high making Jeff Bezos $3.3bn richer

Amazon is less than 2% away from crossing $2 trillion mark

By Web Desk
April 12, 2024
Jeff Bezos wealth surges to $210 billion. — The Seattle Times/File
Jeff Bezos wealth surges to $210 billion. — The Seattle Times/File

For the first time since July 2021, Amazon stock prices hit all time high making billionaire Jeff Bezos $3.3 billion richer, Forbes reported.

On Thursday, the e-commerce company’s share price increased by 2% to $190 per share.

It is now less than 2% away from crossing the $2 trillion market capitalisation mark.

Transformation in artificial intelligence (AI) has resulted in investors shifting in favour of Amazon. Analysts believe Amazon’s AI-heavy AWS division will drive much of the online retail giant's growth.

After Bezos retirement as Amazon CEO, Andy Jassy took over. During the beginning of his tenure between mid-2021 and the end of 2022, prices of Amazon stock reduced by as much as 60%.

Bezos, 60, is the executive chairman of Amazon’s board and its largest shareholder. Due to the rise in stock prices, his wealth has risen by $3.3 billion, reaching $210 billion.

He is the second richest man in the world after Bernard Arnault — the CEO of LVMH.

Bezos is engaged to partner Lauren Sánchez, a 54-year-old journalist and philanthropist. They live in Indian Creek Island in Florida, where Bezos recently brought a new third $90 million six-bedroom mansion.