Jeff Bezos Gains $3.8bn In 24 Hours As Amazon Investors Confidence Rise

Amazon’s founder Jeff Bezos has seen his net worth increase by $3.8 billion due to investors’ confidence in the company’s 2024 outlook.

Gatekeepers News reports that Forbes estimates his net worth to be $171.4 billion after Monday’s market trading.

Despite facing headwinds with other tech firms during last week’s market downturn, Amazon’s shares showed resilience with a 1% increase on Monday.

This positive momentum is attributed to a favourable outlook on Amazon’s profit prospects, particularly driven by advancements in artificial intelligence (AI).

To highlight the company’s robust growth trends and improved profit margins, it is worth noting that the strategic investments made during the pandemic are paying off.

Consensus expectations for Amazon’s net earnings in 2024 have increased by 18% over the past three months. This growth is notable, particularly when compared to steady revenue projections.

Amazon’s financial results for October showed strong performance in both earnings and sales, particularly in its cloud business segment.

Other notable beneficiaries of Monday’s market dynamics include Jensen Huang, co-founder of Nvidia, who witnessed a commendable $2.7 billion boost to his net worth.

Additionally, Larry Page experienced a $2.4 billion gain from Alphabet, Mark Zuckerberg secured a $2.3 billion increase from Meta, and Sergey Brin garnered a parallel $2.3 billion enhancement from his stakes in Alphabet.

Sergey Brin stepped down as Alphabet’s president in December 2019, but he remains a controlling shareholder and board member, maintaining his influence over the company.