Jeff Bezos’ net worth hits all-time high fueled by Amazon shares getting Trump bump
Jeff Bezos’ net worth soared to a new high Wednesday, according to Bloomberg’s estimates.
The rich are getting richer since Donald Trump was elected president, and Jeff Bezos is no exception.
His net worth hit a record high of $228 billion on Wednesday, according to the Bloomberg Billionaires Index. That’s up $7 billion from his previous high of $221 billion, which he first reached in July and again on Tuesday.
Amazon’s stock, which had already jumped last week on the back of a strong earnings report, surged following Tuesday’s election, closing at an all-time high share price of $207.09 on Wednesday. The rally helped the Nasdaq 100, the index on which Amazon is listed, reach a record high.
The vast majority of Bezos’ fortune is tied to the company’s stock, which is up more than 40% year-to-date; he owns more than 926 million of the company’s shares or just under 9% of Amazon’s stock.
The fortunes of the world’s five richest people — including Bezos — soared along with the market on Wednesday after Trump won the presidential election. Collectively, the billionaires gained nearly $53 billion by the end of the day’s trading, which saw investors betting on less regulation and corporate tax cuts under a second Trump administration.
Bezos is the second-richest person in the world, topped only by Elon Musk, a vocal supporter of Trump’s campaign. The Tesla CEO’s net worth climbed $26.5 billion on Wednesday to reach $290 billion, per Bloomberg.
Bezos congratulated Trump on his win on Wednesday, calling it an “extraordinary political comeback.”
The billionaire had not endorsed a candidate this presidential cycle — and had guided The Washington Post, which he owns, to do the same. The controversial decision of the paper not to endorse a presidential candidate for the first time in decades led to a number of resignations from the paper and reportedly caused more than 250,000 people to cancel their subscriptions.
Both Musk and Bezos had stakes in the election: Their private space companies, SpaceX and Blue Origin, respectively, rely on government contracts. Bezos’ Blue Origin was chosen in June to be a preferred provider for $5.6 billion worth of Pentagon contracts and was awarded a $3.4 billion contract by NASA last year.
