Record During The Pandemic: The World's Richest Man's Net Worth Raised By $6.5 Billion Overnight
Amazon is the first major U.S. company to recover from a stock market crash caused by a coronavirus. The company's shares on Tuesday updated a historical high, and the fortune of the world's richest man, Jeff Bezos, rose by $6.4 billion.
The world's richest businessman, Jeff Bezos' fortune has grown by $6.4 billion in a day, according to the Forbes Real-Time rating, which is updated in real-time. The businessman's capital increased by about 5%.
This led to a rise in the price of shares of the online store Amazon founded by Bezos to a record level, Forbes explains. On Tuesday, the retailer's stocks rose by 5.3% and reached the highest price at the moment for itself at $2283 per share.
Since the beginning of the year, they have risen by 20%, which is much higher than the average figure in the S&P 500 index (which combines publicly traded US companies with the largest capitalization), which fell by more than 12% over the same period.
Stock prices have been affected by the unprecedented demand for Amazon services in many countries, where most stores are closed due to quarantine, Forbes notes. Amazon not only sells its products in the online store but also provides its platform and delivery network to other sellers as a marketplace. "Amazon is benefiting from soaring demand at a time when shoppers who are grounded at home are relying on online shopping more than ever," Forbes noted.
Jeff Bezos thereby has retained the title of the world's richest businessman in a new Forbes ranking. Bezos' fortune is estimated at $113 billion. This number is $18 billion less than a year ago. Bezos owns about 11% of Amazon's shares.