Bezos Net Worth Rises $10 Billion on Amazon Earnings
A strong Amazon earnings report boosted the net worth of founder Jeff Bezos by $10 billion. Wall Street is impressed with the prospects for Amazon due to AI.
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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