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Jeff Bezos’ massive fortune rises $12 Billion in a single day

Amazon surges as Jeff Bezos reaches a wealth never seen before in modern history.

Amazon shares surged on Thursday, as the internet giant reported a huge earnings report that beat forecasts, with strong growth from AWS and advertising.

Amazon stock jumped almost 7 percent in after-hours trading. The company also announced it would raise the price of its Prime membership to $119 per year…a 20% increase.

The end result: Jeff Bezos, the world’s richest person, got a lot richer, to the tune of $134 billion…which begs the question, when is such wealth, in the hands of one individual, simply too much?

Via Bloomberg

The Amazon.com Inc. founder added $12 billion to his fortune as the company’s shares surged 6.3 percent to $1,614 in extended trading at 4:33 p.m. in New York — on top of a 4 percent gain during the regular session — after the retailer reported results that beat Wall Street estimates. That lifted Bezos’s net worth to to $134 billion, according to the Bloomberg Billionaires Index.

It has been a turbulent week for the richest Americans in tech. On Tuesday, Alphabet Inc. spooked investors after first-quarter results sparked concern that the Google parent plans to go on a spending binge, punishing shares of Amazon, Facebook Inc. and Netflix Inc. Bezos lost $4.6 billion that day, and Alphabet’s Larry Page and Sergey Brin each lost $2 billion.

Facebook co-founder Mark Zuckerberg, whose fortune dropped $2.5 billion on Tuesday, got a reprieve Thursday as his wealth increased by $5.8 billion, a day after the social network posted better-than-expected results for the first quarter. He leapfrogged Spain’s Amancio Ortega to No. 5 in the global wealth ranking.

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I am not quite against free market but think that something is going totally wrong and no one appears to correct the error. This guy’ fortune is amases not quite right and he is a tax dodger and even everybody knows about still prizes him.

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