Jeff Bezos Is $11 Billion Richer After Amazon’s Earnings Beat Expectations

Key Insights

  • Jeff Bezos is $11 billion richer after Amazon’s stock soared when it went public.
  • Shares jumped nine percent after the tech giant released a stellar earnings report.
  • Bezos’ personal wealth is up $47 billion year-to-date, according to data from Bloomberg.

Jeff Bezos’ fortune rose more than $11 billion on Friday after a better-than-expected earnings report from Amazon sent shares higher. The share price of the tech giant jumped around nine percent after the start of the stock market.

Bezos owns 990,476,371 Amazon shares, according to a June filing, and will make $11.3 billion if those gains continue to the closing bell, according to MarketsXplora calculations.

Shares rose after the Seattle-based company released an after-hours earnings report for the second quarter on Thursday. It showed an increase in online sales, which boosted sales and profits for the three months ended June 30. Both numbers were well above Wall Street analysts’ expectations, according to data from Refinitiv.

Prior to Friday’s gains, Amazon was already up over 50% year-to-date thanks to an AI-powered rally that has seen investors rush into mega-cap big tech stocks.

Read also: What are the Best AI Stocks to Buy Now in 2023?

Bezos, who owns a 10 percent stake in the company he founded in 1994, has seen his fortune jump by $47 billion in 2023, according to the Bloomberg Billionaires Index.

He is the third richest person in the world, behind Elon Musk and LVMH owner Bernard Arnault.

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