Amazon boss earns $24 billion since the start of the Covid crisis-19
17/04/2020 - 10h38
DEHOUI Lionel
Business sectors are bending under the Covid-19 whose pandemic is paralyzing people. Governments had decreed one after the other the entry in confinement of their population. The consequence can be seen in the entrepreneurs who recorded falls. But Amazon boss Jeff Bezos surprises with huge gains from January until this Thursday. The only reason for this is that his online sales have exploded on his platform. Figures are announced to evaluate the gain operated by the businessman. Indeed, the boss of the Amazon group has accumulated more than 24 billion dollars since the first days of 2020. Containment measures around the world to stop Covid-19 have boosted Amazon's internet activities. You have to look at the Wall Street Stock Exchange to see the impact of this rise.
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In reality, the effects of the increase in online requests are direct on the Amazon group's share price on the Wall Street Stock Exchange. It is since Tuesday that the group has taken 5.3% on Wall Street with a share that costs 2,250 dollars. The total of its valuation on the Stock Exchange corresponds to 1,100 billion dollars. However, businessman Jeff Bezos has 11% of Amazon's shares. He is therefore the majority shareholder.
Jeff's gain in the crisis
With his stake in Amazon, Jeff has made several million dollars and his fortune has reached $138 billion. These are figures revealed by the Bloomberg Billionaires Index in this time of pandemic. The billionaire announced in early April that he would help U.S. food banks with a $100 million donation. The money will be used to help them manage the growing demand for food support on U.S. soil.
At a time when companies are losing money every day because of the pandemic, the case of Amazon is very strange. While Jeff was making millions, the top 500 richest people in the world were losing more than $553 billion cumulatively. This loss has been recorded since the early days of January 2020. It is clear that the boss of the Amazon group is the peculiarity of the story.
Jeff isn't the only one
Nevertheless, one need only look closely to see that he is not the only one who has made a profit since the beginning of the crisis. There are other people who manage to make a profit like Jeff Bezos. Indeed, the list starts with the creator of the "Zoom" application used for videoconferencing. His name is Eric Yuan and he is said to be benefiting from his invention, but also from the fruits it generates.
Eric Yan's total wealth is $7.4 billion, double his pre-crisis wealth. He is preceded by Tesla CEO and SpaceX CEO Elon Musk with 10 billion dollars. For the time being, the sun is shining on the side of Amazon which announced on Monday that it has recruited 100,000 people. It will recruit 75,000 more employees in order to satisfy the orders of Internet users.