Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
Jeff Bezos’ wealth is growing. There are more than a few reasons for this apart from the fact that Amazon is filling gaps.
Jeff Bezos within 24 hours became richer by adding another $13 billion to his wealth. Amazon.com Inc (NASDAQ: AMZN) stock prices rose by 7.93 % yesterday in trading. This rise is boosted by the wave of new orders for Amazon products during the current COVID-19 pandemic.
Amazon stock in the pre-market is rising as well. Now it is at $3,259 (+1.95%).
Amazon (AMZN) stock prices have shot by 73% this year. It raises the fortune of CEO Jeff Bezos to $189.3 billion. Jeff’s ex-wife Mckenzie had her net worth increase by $4.3 billion. Mckenzie is now the world’s 13th richest person.
Jeff Bezos Wealth Increases as U.S. Economy Falters
Bezos’ wealth has increased by $74 billion this year. It is occurring despite the US economy’s teetering on one of the worst recessions in a century.
It also points to the sheer genius of Bezos’ business model. The retailer-turned technology company has made Bezos worth more than many blue-chip multinationals.
Tech stocks, in general, seem to be doing well this year. Facebook Inc (NASDAQ: FB) stock prices have made Mark Zuckerberg almost $15 billion richer. It is also amid the new ad boycotts by corporate giants. The wizard of Menlo Park and his team of miracle workers would have to figure their way out of the current impasse. That is before it snowballs into a major storm. Besides that, Facebook (FB) stock price is doing just fine.
The COVID-19 black swan event may have ushered in the reign of the big technology companies. This time, big oil and other companies have taken a back seat to ownership of bragging right in the financial markets.
As the pandemic continues with no end in sight, other companies in travel and tourism have suffered. It also has made many investors become to become skeptical about the longevity of the current tech stock rally. The reasoning behind this thinking is that tech stocks are overheating.
In a sense, they may be right. Amazon (AMZN) stocks so far have been going up with minor corrections. There are no use-cases for many industries. Investors pour their monies into those businesses that have the greatest potential for profit at this time.
It doesn’t mean that other industries have died out. Until there is a working COVID-19 vaccine, we may not see any growth in these industries. Travel and tourism is one of the worst-hit industries. The reopening of borders only increases the risk of contagion.
In another sense, Amazon (AMZN) stock prices are where they are supposed to be.
Amazon Has a Lot Going for It
The online retailer has filled in the gap that many closed retailers opened up during the movement restrictions. Then we have Amazon’s fantastic ability to make logistics seem easy. The companies invest in a world-class logistics structure that has made deliveries easy. Amazon’s logistics infrastructure could be a separate successful business. It could compete nicely with global brands. Then we have Amazon Artificially Intelligent (AI) e-commerce. It is the crown jewel of Jeff Bezos’ empire.
With all of this behind him, why won’t be ahead of everyone else?
It seems that this is the tip of the iceberg for Amazon. The U.S. economy is not gearing up for a recovery anytime soon.
It means that we may be seeing some more record numbers for Bezos this year.
Well done, Jeff.