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Jeff Bezos Became $3.4bn Richer Last Month Before Stock Markets Collapsed

Tom Wood

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Jeff Bezos Became $3.4bn Richer Last Month Before Stock Markets Collapsed

Amidst all of the current uncertainty surrounding jobs, money, and the economy overall, you'll be ecstatic to learn that - somehow - Jeff Bezos has increased his fortune, with the tech giant $5.5bn (£4.3bn) today (28 March) than he was at the start of the year.

Yes, the world's richest man, with a frankly staggering net worth that sits at an estimated $117bn (£93.94bn), has managed to tack a few extra billions onto that already runaway lead at the top of the rich list while the rest of the economy tanked as a result of the ongoing coronavirus pandemic.

Bezos, who - as you're no doubt aware - is the CEO of Amazon, managed to sell off a whopping $3.4bn of Amazon shares at exactly the right moment, which was right before the stock peaked, but also before the entire global economy basically fell off a cliff.

Credit: PA
Credit: PA

Then, on Thursday this week, the price of Amazon shares - of which Bezos owns around 12 percent - rallied back up again to a relatively respectable $1,920 (£1,542) each.

Now, because real life isn't exactly like an episode of Billions, there is - of course - no suggestion that Bezos acted improperly in deciding to sell the shares, or was acting on information that members of the general public weren't privy to about the extent of the pandemic.

That doesn't mean that he didn't time this to perfection, though.

He ain't the only rich dude to have raked in the cash whilst others around them floundered. In fact, Larry Fink, chief executive of BlackRock fund management, and Lance Uggla, CEO of data firm HIS Markit, also managed to do well.

They only made pocket change, however compared to Bezos. Hell, whatever you think about the guy, you probably don't become the richest man in the world without knowing a thing or two about when to buy and sell, and getting dealt a slice of luck every now and again.

Bezos also recently wrote a letter to his legions of staff, thanking them for their efforts, filling them in on discussions with the World Health Organisation about potentially distributing tests worldwide, and announcing that they'll be hiring loads of folks who might have lost their jobs elsewhere.

Credit: PA
Credit: PA

He wrote: "I'm not alone in being grateful for the work you are doing... your efforts are being noticed at the highest levels of government, and President Trump earlier this week thanked this team profusely.

"Across the world, people are feeling the economic effects of this crisis, and I'm sad to tell you I predict things are going to get worse before they get better.

"We're hiring for 100,000 new roles and raising wages for our hourly workers who are fulfilling orders and delivering to customers during this period of stress and turmoil.

"At the same time, other businesses like restaurants and bars are being forced to shut their doors. We hope people who've been laid off will come work with us until they're able to go back to the jobs they had."

Featured Image Credit: PA

Topics: World News

Tom Wood
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