Amazon CEO Jeff Bezos net worth exceeds $100 billion for the first time, thanks to Amazon’s successful Black Friday sales.
Jeff Bezos’ wealth increased $2.4 billion to $100.3 billion on Friday after Amazon’s shares surged more than 2 percent on optimism for Black Friday, according to Bloomberg (which keeps track of the real-time wealth of some of the richest people in the world). The online retailer dominated the Black Friday sales by claiming 50 percent of all the online sales for the day and saw 18.4 percent rise in online purchases compared to 2016.
Jeff Bezos is the second person to reach the $100 billion mark after Bill Gates, who reached this stratospheric level of wealth in 1996. Last year, Jeff Bezos traded places with Gates and secured his position as the world’s richest man. According to the Bloomberg index the Microsoft Corp co- founder would be worth more than $150 billion if he hadn’t given an enormous amount of his wealth to charity. Currently, Gates has a net worth of $86.8 billion.
Jeff Bezos has been spending small fragments of his vast fortune on some expensive things over the past years. He acquired The Washington Post for $250 million in 2013. Every year, $1 billion of Amazon’s stock is funded to the spaceflight company Blue Origin and earlier this month, more than $1 billion worth of stock was converted into cash.
Amazon, which was started as a well to sell books online now accounts approximately a third of all the e-commerce transactions. In 2013, Jeff Bezos said that the main reason behind Amazon’s success was the ability to focus on the “long view.”
“The long term approach is rare enough that it means you’re not competing against very many companies,” said Bezos. “Cause most companies wanna see a return on investment in, you know, one, two, three years … I’m willing for it to be five, six, seven years. So just that change in timeline can be a very big competitive advantage.”
Bezos’ 12-figure fortune raises questions like: how much will he give away and how?
This question seems to be troubling the billionaire himself as he used Twitter’s social media platform in June, to ask for better philanthropy ideas. Nearly 50,000 people replied to his tweet.