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cover 19.jpg?resize=1200,630 - Amazon CEO, Jeff Bezos Became $3.4 Billion Richer Last Month

Amazon CEO, Jeff Bezos Became $3.4 Billion Richer Last Month

People in the US are now applying for unemployment claims, and the global economy feels the effect of coronavirus, believe it or not, the world’s richest man just got a little richer.

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Amazon CEO, Jeff Bezos, has a higher net worth than anybody else on the planet – currently standing at a whopping $117 billion, far ahead of, Warren Buffett, Mark Zuckerberg and Bill Gates.

© Business Insider

The COVID-19 pandemic hit a significant surge at the turn of March – currently, there have been more than 600,000 confirmed cases worldwide. Whether it be quick-thinking or dumb luck, Bezos has made a pre-crisis financial monetary mountain.

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© CNBC

On February this year, before the full scale of the coronavirus outbreak was readily apparent, the 56-year-old figurehead sold off $3.4 billion worth of shares just before the stock price peaked but more importantly, ahead of the market collapse.

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© Tech Crunch

On March 26, Bezos’ fortune even soared by $3.9 billion to a whopping $120 billion after a three-day market rally ratcheted up Amazon’s share price back to a decent $1,920 (just down from the first week of February). He currently owns around 12% of the company’s shares.

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There is absolutely no evidence to suggest Bezos had the upper-hand via a tip-off. However, his timing was bang-on-the-money. 

© News Break

According to a report from The Wall Street Journal, his share sales on this occasion matched the amount sold throughout the past 12 months, representing around 3% of his total holding.

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Please note, the Amazon boss wasn’t the only tycoon to duck out. Larry Fink, the chief executive of fund manager BlackRock, managed to prevent potential losses of $9 million, while Lance Uggla, CEO of data firm IHS Markit, sold $47 million of shares ahead of their price-drop to $19 million.

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© NY Times

Bezos recently wrote a letter to his employees thanking them for their hard work, while noting he is working closely with the World Health Organization to brainstorm ways of supplying COVID-19 tests around the globe. Bezos also announced that Amazon will be hiring for 100,000 positions to assist those in need of work amid rampant job losses.

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