Following Donald Trump’s win in the 2024 U.S. Presidential election, Jeff Bezos‘ net worth has skyrocketed to an unprecedented $228 billion, according to Bloomberg’s Billionaire Index.
What Happened: Bezos’ wealth, largely connected to his 926.41 million shares in Amazon.com, Inc. AMZN, has surged considerably since Trump's election win.
Tesla and SpaceX CEO Elon Musk currently holds the top position on the Index with a net worth of $290 billion.
On Wednesday, Amazon’s stock hit a record high of $207.03. This led to Bezos’ net worth climbing by $7 billion, surpassing his previous peak of $221 billion.
The market rally on Wednesday also favored the world’s five wealthiest individuals, including Bezos, who collectively amassed nearly $53 billion.
This surge is largely due to investors’ expectations of decreased regulation and corporate tax cuts under Trump’s second term.
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Why It Matters: Prior to the election, Bezos divested 1.07 million Amazon shares at a price of $200.07 each, earning around $213.8 million.
Amazon posted third-quarter net sales of $158.9 billion, exceeding forecasts and reflecting an 11% year-over-year increase. This strong performance helped boost Amazon's stock price, which climbed notably after the earnings report.
While the Amazon co-founder did not endorse a candidate in this presidential cycle, he extended congratulations to Trump on his win, terming it an “extraordinary political comeback.”
Bezos and Trump have had ongoing tensions, with the President-elect on multiple occasions publicly criticizing Bezos on social media. In 2018, Trump had accused Amazon of not paying sufficient taxes.
The following year, Amazon sued the Trump administration, claiming the President-elect’s hostility cost it a $10 billion cloud contract.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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