The Amazon billionaire, Jeff Bezos saw his wealth valuation reach new monthly highs as demand for the shares of the world’s biggest e-commerce company by market value.
Bezos, the second-richest person in the world, now has a net worth of $159 billion. He reported a $13 billion daily gain on Friday when strong buying pressure was seen in the Amazon shares. The largest online store in the world, Amazon, was founded by Bezos. Through its main website, the Seattle-based business sells electronics, home items, and other things. Additionally, it runs the Whole Foods supermarket chain and provides streaming and cloud computing services.
A day after the business reported stronger-than-anticipated second-quarter revenue and provided bullish guidance, Amazon’s shares increased by 10% on Friday.
Sales for the three months that ended in June increased by 7% to $121.23 billion, exceeding Wall Street’s prediction of $119.09 billion. It marked the third consecutive quarter of single-digit yearly revenue growth for Amazon.According to Amazon’s third-quarter prediction, sales growth may pick up again and reach between 13 and 17 percent. While analysts were anticipating a sales prediction of $126.4 billion, according to Refinitiv, the business stated it forecasts revenue this quarter of $125 billion to $130 billion.In contrast to the generally depressing earnings season for tech businesses, Amazon and Apple announced positive numbers. As a result of decades-high inflation, rising interest rates, and other macroeconomic headwinds, Facebook parent company Meta, Alphabet, and Microsoft all reported poor profitability for the quarter.Market analysts applauded Amazon’s earnings report, referring to the e-commerce behemoth as “a port in the macro storm” because it has so far appeared to be weathering many of the challenges facing its digital counterparts.The multi-billionaire founder of Amazon, who gained notoriety for saying that struggling employees were made to urinate into bottles, has reportedly kindly assisted his parents in making the joint $74 million mega-purchase.The transaction was completed at the same time that Bezos, 58, and his 52-year-old TV personality girlfriend, Lauren Sanchez were seen recently strolling hand in hand through London’s affluent Mayfair neighbourhood.Prior to eating supper with Tom Cruise at a private member’s club earlier this week, he took a private tour of Buckingham Palace.