Subscribe to Receive the Daily Report

Monday, August 7th, 2023

Jeff Bezos’ Wealth Balloons by $12 Billion in a Single Day as Amazon Stock Soars 11 Percent

Author:     Ariel Zilber
Source:     New York Post
Publication Date:     August 4, 2023 | 3:24pm
 Link: Jeff Bezos’ Wealth Balloons by $12 Billion in a Single Day as Amazon Stock Soars 11 Percent
Stephan:  

I don’t think most Americans can even understand the grotesque wealth inequality in the United States that has been engineered by the Republican Party rigging the American tax structure. Why? The numbers are simply incomprehensible. To give you an example of what I mean, last Friday Jeff Bezos’ fortune in 24 hours increased by $12 billion. To break that down a bit, over those 24 hours it increased the equivalent of $541,666,666.67 an hour, or $9,027,777.78 a minute, or $150,462.96 a second. The average American full-time worker median income this year will be $56,940. So on that one day Jeff Bezos made every second almost three times the annual income of an American full-time worker.

Jeff Bezos, third richest person on earth. Credit: Wired

Amazon founder Jeff Bezos saw his personal net worth increase by a whopping $12 billion on Friday morning as the e-commerce giant’s stock price soared by some 11% in pre-noon trading — the largest single-day jump so far this year.

The Seattle-based company, whose stock was trading at nearly $143 per share as of 11:30 a.m. Eastern time on Friday, surged after dazzling Wall Street with an earnings report that blew away analyst expectations.

Bezos, the third richest person in the world behind Tesla and X mogul Elon Musk and luxury brand merchant Bernard Arnault, is now worth an estimated $163.5 billion, according to Forbes.

The 59-year-old Bezos, who stepped down from the CEO role at Amazon in late 2021 so that he could focus on his space exploration firm Blue Origin, derives his wealth from ownership in Amazon stock.

He has also spent much of his free time globetrotting on his $500 million yacht with fiance Lauren Sanchez after the couple got engaged in May.

Read the Full Article

1 Comment

  1. Rev. Dean on Thursday, August 10, 2023 at 12:48 am

    I worked VERY hard all my life sometimes working two jobs per day and now make the Federal Poverty Level Wage on Social Security. IT IS NOT FAIR, and I cannot survive much longer because I just do not make enough money, and here I see people making more money in one hour than I made in my entire lifetime, I I make a pittance just because I worked so hard that I ended up being disabled and on S.S. at 76 years old.