AMAZON pioneer Jeff Bezos is now worth more than $210billion while the e-commerce company’s share price rocketed by more than four percent.
The businessman’s net worth soared by more than $8.4million on Tuesday, according to Bloomberg’s Billionaires Index.
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Jeff Bezos’ net worth rocketed to more than $210billion according to Bloomberg’s Billionaires IndexCredit: Getty – Contributor
Amazon’s share price rocketed by more than five per centCredit: AFP
Bezos’ net worth now stands at $211billion and Amazon’s share price has increased by 15 percent since the start of the year.
The e-commerce pioneer has shattered records for wealth since the Index started ranking billionaires’ net worth in 2012.
Facebook’s Mark Zuckerberg has an estimated net worth of $131bn.
Bezos’ success comes as the Pentagon canceled a disputing cloud-computing contract with Microsoft that could have been worth $10billion.
Microsoft won the contract under former president Donald Trump but Amazon went to court alleging that the process was flawed and “it was improperly influenced by politics”, the AP reports.
Bezos stepped down as Amazon CEO this week as he handed over the reins to Andy JassyCredit: AFP
The JEDI project was designed to store vast amounts of classified data – allowing US military officials to improve communications with soldiers on the battlefield, as well as using artifical intelligence to speed up its war planning.
It is being reported that the Pentagon will pursue potential deals with both Amazon and Microsoft.
On July 5, Bezos stepped down from his role as Amazon CEO, handing over the reins to Andy Jassy.
Jassy previously ran Amazon’s cloud-computing business.
Earlier this year, Bezos said he planned to focus on new products and early initiatives being developed at Amazon.
He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives, and overseeing The Washington Post, which he bought.
Bezos’ wealth balloned as the coronavirus pandemic caused high street shops to closeCredit: AFP
Bezos, who is the company’s biggest shareholder, will still have broad influence over the e-commerce giant.
The businessman received a salary of $81,840 and $1.6million in other compensation from the company last year.
Despite the economic crash brought on by the coronavirus pandemic, Bezos’ wealth ballooned over the last 12 months with shuttered shops driving Amazon sales skyward.
That came even as he handed over a quarter of his Amazon stock to his ex-wife MacKenzie Scott as part of their divorce.
Bezos is said to be more than twice as wealthy as the entire British monarchy – which was estimated to be worth $88billion in 2017 – and his fortune exceeds some nation’s gross domestic product.
It’s reported that he makes more money every second than the average US worker makes in a week, according to Business Insider.
The date that Bezos stepped down – July 5 – is also signficant as Amazon was founded on that date in 1994.
He is set to blast himself into space for Blue Origin’s first flight in two weeks time and will be accompanied by his brother Mark.
The venture’s first crewed flight is to embark July 20, less than two weeks after Richard Branson’s Virgin Galactic to commence a new epoch of travel beyond earth.
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