The rich get richer. In the midst of the global pandemic, Jeff Bezos, CEO and founder of Amazon, saw his wealth increase by $ 24 billion since the world was largely shutdown. This brings his net worth to $ 143.1 billion, almost $ 40 billion more than the second Bill Gates, and nearly double that of Warren Buffett.
With hundreds of millions of people around the world housed there, the coronavirus pandemic is taking Amazon’s core business more than ever. From April 13 to 17, Amazon shares rose 16.4% with their highest closing price ever recorded on 16. Analysts predict a dramatic 22% increase in revenues for the first quarter, before the publication of results on April 30. Bank of America analysts estimate revenues of $ 73 billion, or $ 10,000 per second, reports the Guardian.
Notwithstanding expected revenues, Amazon is currently worth $ 1.18 trillion, the third largest company after Microsoft and Apple. The coronavirus pandemic makes Amazon essential for home deliveries. The company plans to increase its US workforce by 40% to meet current demand. By increasing non-essential orders through his website – he prioritizes essential orders – these 175,000 workers will be transporting countless goods across the country.
Supply chain issues have complicated the short-term growth of Apple, Microsoft and many other companies. Amazon is built on the delivery of groceries and household goods, with added value from its Prime Video and Twitch digital streaming services. Bezos’ business is intended for customers living outside their living room.
It is unclear how long the coronavirus will keep people safe on site. Some places will experience reopening businesses sooner than others, but online retailing is likely to remain strong as consumers continue to prioritize their safety rather than venture out.
This is good news for Bezos.