Jeff Bezos Worth Over $100B After Amazon's Black Friday Rally

Jeff Bezos Worth Over $100B After Amazon's Black Friday Rally

Troy Powers
November 27, 2017

Bezos' increase in net worth this year is partly due to an exceptionally profitable year for Amazon, which saw the acquisition of Whole Foods.

Bezos, the founder and largest shareholder of Amazon, reached the 12-digit milestone for the first time, according to Bloomberg, one of the two major services that track the real-time net worth of the world's richest people.

Mr Bezos started Amazon in his basement in Seattle 22 years ago, after he quit his job as a hedge fund manager in NY.

Online purchases for the day are up 18.4 percent over a year ago, according to data from Adobe Analytics, and investors are betting the company will take an outsized share of online spending over the gifting season.

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On October 27, 2017, the 53-year-old had surpassed Bill Gates on the Forbes list of billionaires with a net worth of over $90 billion.

The hike in Mr Bezos's wealth had soared by $32.6bn this year up until Thursday, with the extra $2.4bn landing in his pocket ahead of the consumer frenzy, and secures his position as the world's richest man.

Thanks to Black Friday, as quoted from Business Insider, Saturday (11/24/2017), Bezos is the first person in the modern era with a wealth of more than $100 billion or equivalent to IDR1,330 trillion. Amazon (AMZN, Tech30) stock climbed 2.5 per cent on Friday to put Bezos over the top. Same goes for Warren Buffet, the United States investor who is the third richest person with $78.9 billion. Unlike Gates, Bezos has given very little of his fortune to charity so far.

Meanwhile, Bezos himself has shown interest in philanthropy. Over the summer, he tweeted a request for short-term philanthropic ideas aimed at helping people in the here and now.