Jeff Bezos set to come out of pandemic richer

Chief Executive Officer of Amazon, and World’s richest man Jeff Bezos is set to witness an increase in Wealth amid the coronavirus pandemic as more people are forced to shop from home.

Amazon, where Mr Bezos owns 11% shares, reported $75.5 billion in revenue for the first quarter of 2020.

Bezos, with a personal fortune in the region of $145 billion, and already the first person in history with a fortune topping $100 billion, is on course to become the first trillionaire by 2026, according to Comparisun research.

He has announced that Amazon currently plans to spend all of its expected $4 billion operating profit for the second quarter of this year on measures to insulate the company against Covid-19.

In the short to medium term all that will cost a lot of money, but in the long run these measures may well serve to make Amazon the biggest corporation on Earth.

Bezos noted to shareholders: ”The ability for organisations to access scalable, dependable and highly secure computing power – whether for vital healthcare work, to help students continue learning, or to keep unprecedented numbers of employees online and productive from home— is critical in this situation.”

The Institute for Policy Studies reports that in the 35 days leading up to April 22, America’s billionaires saw their wealth soar by over 10%.

 243 total views,  1 views today


Please enter your comment!
Please enter your name here