Bezos Net Worth Rises $10 Billion on Amazon Earnings

By Douglas A. McIntyre Published Oct 31, 9:15AM EDT

Bezos Net Worth Rises $10 Billion on Amazon Earnings — © David Ryder / Getty Images

Jeff Bezos, founder and former CEO of Amazon.com Inc. (NASDAQ: AMZN | AMZN Price Prediction), has a net worth of just over $246 billion. That figure has just increased by $10 billion as Amazon posted strong earnings, and its stock soared 14%. The only two people ahead of Bezos on the Bloomberg Billionaire list are Elon Musk ($457 billion) and Larry Ellison ($311 billion). Unlike the other two, Bezos is essentially retired. He handed over the chief executive job to Andy Jassy in 2021.

Most of Bezos’s net worth comes from his Amazon ownership, which is about 9% of the company. Amazon is the fifth most valuable company in the world, with a market cap of $2.38 trillion. Bezos’s number might be bigger today, but in his divorce settlement in 2019 with former wife he paid $38 billion.

The increase in the value of Amazon’s stock was because it beat earnings forecasts by a large margin. In its most recently reported quarter, revenue rose 13% to $180 billion, and earnings grew from $1.46 per share to $1.95.

As far as Wall Street is concerned, the future of Amazon is not e-commerce. It is the cloud computing business known as AWS. This is also the division that will benefit from the tens of billions of dollars Amazon is investing in artificial intelligence. AWS revenue rose from $27.5 billion in the period a year ago to $33 billion. In addition, operating income rose from $10.4 billion to $11.4 billion. There are also signs that AI could help replace tens of thousands of workers in the company’s warehouses and distribution centers.

Amazon said its capital spending this year will be $125 billion, a sign of its massive AI investment. Jassy said, “We continue to see strong demand in AI and core infrastructure, and we’ve been focused on accelerating capacity—adding more than 3.8 gigawatts in the past 12 months.”

Bezos founded Amazon in 1994 in a garage.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.