- Jeff Bezos is closer than ever to a $ 200 billion figure.
- Two Wall Street companies upgraded Amazon stock on Monday.
- The e-commerce giant has increased its market cap by more than half a trillion dollars this year.
Jeff Bezos now has only $ 11 billion less than $ 200 billion. On Monday, the assets of the Amazon CEO (NASDAQ: AMZN) rose by $ 13 billion. He is now worth $ 189 billion.
This was the most significant single day increase in net worth for a person listed on the Bloomberg Billionaires Index.
Put Jeff Bezos’ wealth in perspective
The gap between Bezos and Bill Gates – the second richest person in the world – is over $ 70 billion. Bezos’ wealth almost doubles the third richest person in the world – the Frenchman Bernard Arnault.
Only after worldometers 52 countries have GDP higher than Bezos’ fortune. Its value is higher than the GDP of 157 countries.
It was a good year for Jeff Bezos
Bezos’ net worth, mostly tied to its Amazon stake, has increased over $ 70 billion this year.
Amazon benefited immensely from the pandemic as more and more people turned to online shopping.
So far, Amazon’s stock has risen by over 70% this year. The e-commerce monster has even exceeded that Tech-heavy Nasdaq Composite Index. The Nasdaq has risen by almost 20% since the beginning of the year.
Amazon has increased its market cap by $ 561 billion this year and is now worth nearly $ 1.6 trillion.
On Monday, Amazon’s stock rose 7.9% to $ 3,196.84.
What caused the rise in Amazon stocks?
The recent surge from Amazon came after Goldman Sachs and Jefferies raised Amazon’s stock price target to $ 3,800. From today’s perspective, there is an upside potential of almost 20%.
The Consensus rating for the share is currently a “buy”.
Amazon reports earnings for the second quarter later this week. The continuing growth of e-commerce should increase sales and profits.
For the previous quarter, Amazon forecasts an annual sales increase of between 18% and 22%.
What’s the disadvantage?
The downside for Amazon is that the pandemic has also brought its challenges. For example, Amazon had to postpone its annual shopping event. The Amazon Prime Day, which usually takes place in mid-July postpone for later in the year.
In 2019, Prime Day was the biggest shopping event in its history. Amazon does not report dollar earnings for the event, but over 175 million items were sold in just one day.
The online retail giant has additional criticized for his treatment of workers during the pandemic. It remains to be seen whether these complaints will affect the company.
Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com and should not be considered as investment or trading advice from CCN.com. The author does not hold an investment position in the above companies.
Last updated: July 21, 2020, 1:03 p.m. UTC