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Amazon shares jumped about 14% shortly after markets opened Friday, marking their biggest single-day gain since April 2015.
The rally added about $25 billion to Bezos' fortune, lifting his estimated net worth to $271.5 billion and making him the world's third-richest person, behind Google co-founder Larry Page, whose fortune is estimated at $279.3 billion, and ahead of fellow Google co-founder Sergey Brin at $257.6 billion, according to Forbes.
SpaceX founder Elon Musk remained the world's richest person by a wide margin, with an estimated fortune of about $690 billion.
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Amazon founder Jeff Bezos at the Dealbook Summit event of the New York Times, Dec. 4, 2024. Photo by AFP |
The gains came after Amazon reported quarterly earnings on Thursday that exceeded Wall Street expectations.
The company posted quarterly revenue of $206.6 billion, beating analysts' estimate of $197 billion. Amazon Web Services, its cloud computing business, generated $42.2 billion in revenue, up 37% from a year earlier and above the expected $40.5 billion, Forbes reported.
Amazon also raised its projected capital spending for the year to $220 billion from $200 billion as it expands investment in AI infrastructure. Chief Executive Andy Jassy said most of the company's capital spending would support growing AI demand, adding that Amazon is "unusually well-positioned for this AI inflection."
Bezos founded Amazon in July 1994 after leaving a career on Wall Street. He started the company as an online bookstore operating from a garage in Bellevue, Washington.
More than three decades later, Amazon has grown into one of the world's largest technology companies. Its e-commerce business reportedly delivers as many packages as the U.S. Postal Service, while Amazon Web Services powers roughly one-third of the internet.
The company also ranked first on both the Fortune 500 and Fortune Global 500 lists by revenue this year and is projected to become the first company to generate $1 trillion in annual revenue by 2028.
Despite Amazon's size, Bezos said becoming the world's biggest company was never his primary goal.
"It's not like it's a complete surprise," Bezos told Fortune in an April interview. "I don't want us to take pride in being big. I want us to take pride in servicing customers. And it turns out, if you service customers really well, that will drive growth."
