Jeff Bezos Is $3.3 Billion Richer After Amazon Stock Hits All-Time High

By Jace Dela Cruz

Apr 12, 2024 04:17 AM EDT

Another $3.3 billion was added to the $207 billion fortune of Amazon founder Jeff Bezos after the e-commerce giant hit a new record share price on Thursday.

According to Forbes, Amazon's shares surged as high as 2% to close at nearly $190 on Thursday, surpassing its previous closing high of $186.57 in July 2021.

The surge follows Amazon CEO Andy Jassy's announcement that Amazon Web Services (AWS), the company's cloud computing division, could power "much of" the generative AI innovation.

Amazon's efforts to streamline its operations, slash costs, and restructure its business have also helped the firm boost its profits and win over shareholders.

Baby2Baby 10-Year Gala Presented By Paul Mitchell - Arrivals
WEST HOLLYWOOD, CALIFORNIA - NOVEMBER 13: Jeff Bezos attends the Baby2Baby 10-Year Gala presented by Paul Mitchell at Pacific Design Center on November 13, 2021 in West Hollywood, California.
(Photo : Emma McIntyre/Getty Images)

Amazon Nears $2 Trillion Market Capitalization

The surge made Amazon less than 2% from reaching a $2 trillion market capitalization for the first time. It starkly contrasts the sub $900 billion valuation it ended in 2022 when its share price plunged during Amazon's first year of negative profits since 2014.

Amazon rebounded in 2023, as its stock jumped 80% that year. Its performance is also stellar this year, with a 26% surge in its stock value surpassing gains observed in all three major stock indexes.

Analysts attributed this shift in investor sentiment to Amazon's AI transformation. They expect its AI-powered AWS division to drive much of the company's growth.

READ NEXT: Amazon Founder Jeff Bezos Completes Selling Up to 50 Million Shares, Netting $8.5 Billion

Amazon Founder Jeff Bezos Is Currently the World's Second-Richest Man 

Jeff Bezos has significantly benefited from the rise in Amazon stock. Bezos is the executive chairman of Amazon's board and the firm's largest individual shareholder.

With the $3.3 billion added to his $207 billion fortune, Bezos now ranked second on Forbes' list of the world's billionaires. That means the Amazon founder is now the world's second-richest man as well as the wealthiest American. French luxury tycoon Bernard Arnault is still the world's richest person.

READ MORE: Amazon Founder Jeff Bezos Becomes the World's Richest Person After Dethroning Elon Musk

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