Jeff Bezos, tech entrepreneur and Chief Executive Officer for Amazon, is now the world’s richest man—again.
The news comes hot on the heels of Amazon’s recently released third-quarter earnings report, which was high than even the most optimistic Wall Street analyst’s expectations. Amazon posted revenues of $43.7 billion—more than one billion dollars above the rosiest of estimates to be found anywhere on the Street. Amazon also posted earnings of $0.52 per-share last quarter (also well above expected) and turned a $256 million profit.
That phenomenal performance saw Amazon’s shares rise in after-hours trading Thursday evening, and that upward trend continued into Friday morning as markets opened. By mid-afternoon shares were up 127 points with Amazon’s stock finally breaking the $1,100 price-per-share for the first time ever.
As of Monday morning, Amazon’s stock price is $ 1,100.65 per share.
With its share at record heights, Amazon’s CEO has once again become the world’s richest man with an estimated personal value of approximately $90 billion.
And this time, it looks like Bezos might actually be keeping the title. Last July, Amazon’s share value skyrocketed to $1082 before edging back down, giving Bezos the coveted richest-man-in-the-world title for less than 24 hours. With Thursday’s better than expected earnings results, it looks like analysts will remain bullish on Amazon’s stock, meaning Bezos will be keeping his title for the foreseeable future.
With Bezos taking the top spot, Bill Gates has been nudged down to number two while aging business colossus Warren Buffet has been relegated to the number three spot on the world’s richest leaderboard.
Amazon’s enormous success and recent diversification haven't eluded the sights of Washington, who will bring Bezos before Congress to discuss Amazon’s equally enormous size and whether or not it’s in danger of breaking American antitrust laws, or if those laws will need to be re-written for the digital age.
Some have likened Amazon's reach and power to a modern version of corporate trusts, just as Standard Oil was at the turn of the 20th century. At the time, Standard Oil was one of the world's largest multinational corporations, owning much of the oil refinement sector including drilling, refinement, transportation, and end-user retail (ie. gas stations). The United States Supreme Court ruled that Standard Oil was an illegal monopoly in 1911, requiring Standard Oil to sell off its various operations.
The comparisons between the two are striking when one considers how Amazon owns the sales platform, warehouses delivery services, as well as a massive data network that stores information concerning millions of buyers and sellers.