BUSINESS
Amazon stock hits all time high making Jeff Bezos $3.3bn richer
For the first time since July 2021, Amazon stock prices hit all time high making billionaire Jeff Bezos $3.3 billion richer, Forbes reported.
On Thursday, the e-commerce company’s share price increased by 2% to $190 per share.
It is now less than 2% away from crossing the $2 trillion market capitalisation mark.
Transformation in artificial intelligence (AI) has resulted in investors shifting in favour of Amazon. Analysts believe Amazon’s AI-heavy AWS division will drive much of the online retail giant’s growth.
After Bezos retirement as Amazon CEO, Andy Jassy took over. During the beginning of his tenure between mid-2021 and the end of 2022, prices of Amazon stock reduced by as much as 60%.
Bezos, 60, is the executive chairman of Amazon’s board and its largest shareholder. Due to the rise in stock prices, his wealth has risen by $3.3 billion, reaching $210 billion.
He is the second richest man in the world after Bernard Arnault — the CEO of LVMH.
Bezos is engaged to partner Lauren Sánchez, a 54-year-old journalist and philanthropist. They live in Indian Creek Island in Florida, where Bezos recently brought a new third $90 million six-bedroom mansion.
Thenews.com.pk
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