The CEO of American e-commerce firm, Amazon.com, Inc., Jeff Bezos, is reportedly now the world’s 3rd richest man. Solid earnings and an increase in Amazon’s stock have attributed to his high ranking. Over the past year, the firm’s stock price has risen by more than $200, from $529 (on the 29/07/2015) to $752.61.
Forbes has estimated Jeff Bezos’s net worth at $65.3 billion. He currently owns 18% of Amazon.com, Inc.’s shares. Amazon generated a profit of $857 million, compared to just $92 million in 2015 (nearly 1000% increase.)
Jeff has spoken about the growth of Amazon, saying “It’s been a busy few months for Amazon around the world, and particularly in India – where we launched a new [Amazon Web Services] Region, introduced Prime with unlimited free shipping, and announced that Prime Video is coming soon, offering Prime members in India exclusive access to Amazon Original Series and Movies – including original content featuring top Indian creators and talent.”
Amazon has continued to enter several new markets, including the fashion industry. Just a few months ago, they launched several of their own fashion labels. The businesses’ diversification makes it well hedged against risk, making it an enticing prospect for investors.
An article recently published on the Financial Times gave details on Amazon’s growth and success. It reads “Amazon’s heavy investments in services such as Prime membership and Amazon Web Services have dragged on profits for years, but these bets appear to be finally paying off. Revenues rose to $30.4bn in the quarter, a year-on-year increase of 31 per cent that represented its fastest growth rate in more than four years and exceeded analysts’ predictions of $29.6bn in revenue. Earnings per share were $1.78, up from 19 cents in the same quarter last year.”
As the market closed on the 28/07/2016, Amazon.com, Inc.’s stock was up by 2.16%, trading at $752.16 per share.