Amazon CEO Jeff Bezos Breaks Record For Single-Day Jump In Net Worth: Bloomberg Index

What Happened

This is the largest single-day gain in the net worth of an individual recorded by the index since it was created in 2012, Bloomberg noted.

Amazon’s shares rose nearly 8% on Monday to close at $3,196.84, the highest single-day gain since December 2018.

The e-commerce company’s shares surged after a Goldman Sachs analyst upgraded the price target at the stock to $3,800 per share. Online shopping is also seeing positive trends, according to Bloomberg.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The 56-year old’s reported net worth&nbsp;of $189 billion is now more than companies like&nbsp;Exxon Mobil Corporation (NYSE: XOM), Nike Inc (NYSE: NKE), and McDonald’s Corp (NYSE: MCD).” data-reactid=”24″>The 56-year old’s reported net worth of $189 billion is now more than companies like Exxon Mobil Corporation (NYSE: XOM), Nike Inc (NYSE: NKE), and McDonald’s Corp (NYSE: MCD).

The Amazon founder’s former wife Mackenzie Bezos also saw a rise of $4.6 billion in her net worth on the day, making her the 13th richest individual in the world.

Why It Matters

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Bezos, the world's richest person, has added over $74 billion to his fortune this year alone, as the demand for Amazon products and services&nbsp;saw&nbsp;a significant increase&nbsp;in demand&nbsp;during the COVID-19 pandemic.” data-reactid=”27″>Bezos, the world’s richest person, has added over $74 billion to his fortune this year alone, as the demand for Amazon products and services saw a significant increase in demand during the COVID-19 pandemic.

The surge in business for Amazon is accompanied by criticism and regulatory scrutiny over an alleged lack of protection provided to at-risk workers during the outbreak.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Photo Courtesy: U.S. Secretary of Defense on Flickr.” data-reactid=”29″>Photo Courtesy: U.S. Secretary of Defense on Flickr.

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