Shares of Amazon saw a 10% increase on Friday, Aug. 4 after posting an impressive second-quarter sales this year. This even exceeded the expectations of analysts who believed that it wouldn't make it to its target cut.
On the other hand, billionaire Jeff Bezos just got $11 billion richer amid a 9% gain in the e-commerce giant.
Jeff Bezos Gets $11 Billion Richer Thanks to Amazon
Jeff Bezos, the world's third-richest person
Amazon's Executive Chairman Jeff Bezos has added $11 billion to his wealth after the company posted an impressive opener in the recent earnings report.
According to NewsMax, the 9% surge in Amazon's shares exceeded what the analysts predicted. It posted $6.7 billion in earnings in the quarter ending on June 30. This equates to 65 cents per share.
At 2:30 PM on Aug. 4, the stock skyrocketed to $142.30 which is also equivalent to almost 10%.
Although Bezos already resigned as the CEO of Amazon following Andy Jassy's turnover, he still owns 990,476,37 shares of the company.
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AI Gives Amazon a Leverage on Stocks
As more investors invest their money in AI-focused ventures, many firms are starting to create their own AI-powered products to keep up with the market demand.
Amazon sets an example for this by establishing its own AI products that are geared to improve the customer experience. Before Amazon's shares went unstoppable on Friday, the e-commerce firm already enjoyed over 50% gain because of AI.
At the same time, Bezos' wealth also increased by $47 billion this year, the Bloomberg Billionaires Index states.
The "better-than-expected" revenue that Amazon reaped for Q2 2023 is not in the book of analysts who think that it won't happen anytime.
It's such a surprise to see that Amazon managed to send its stock to almost 7% higher than the expected outcome.
In the wake of the Wall Street downfall, Amazon's blockbuster loss hit 2.7% on Wednesday, July 26. Other tech giants including Meta and Tesla are down 2.9% and 2.8% respectively.
Forbes reports that Bezos maintains his position as the third richest man on Earth. He is overshadowed by Tesla CEO Elon Musk and Bernard Arnault, the owner of LVMH.
Jeff Bezos and Lauren Sanchez Just Got Engaged
Back in May, Bezos just got engaged to Lauren Sanchez, his four-year girlfriend. The couple celebrated the party aboard the $500 million yacht in France.
The reports said that the two were raising a blended family. Bezos was raising his four children while Sanchez has three kids from her former partners.
Some people are intrigued about Jeff's plans on going into space with his fiance. While the close sources knew about their current state, they did not reveal any information if the two will go to space together.
Read Also: Amazon Is Heavily Investing in Generative AI-What Is Andy Jassy Planning?
