Amazon Holds News Conference

via Gizmodo

Amazon founder Jeff Bezos just had one of those days that we all have from time-to-time. He officially became the second richest human on the planet and he shut down a business that was founded by one of his bitter rivals.

Bloomberg reports that Bezos’ personal fortune increased by a cool $1.5 billion today following a big jump in Amazon’s stock price. The $18.32 rise in the online retailer’s value was fueled by the announcement that it will acquire the Dubai-based Souq.com, a deal that Goldman Sachs called, “the biggest-ever technology M&A transaction in the Arab world.”

From the report:

Bezos has a net worth of $75.6 billion on the Bloomberg Billionaires Index, $700 million more than Berkshire Hathaway Inc.’s Buffett and $1.3 billion above Ortega, the founder of Inditex S.A. and Europe’s richest person.

Amazon’s founder has added $10.2 billion this year to his wealth and $7 billion since the global equities rally began following the election of Donald Trump as U.S. president on Nov. 8. The rise is the third biggest on the Bloomberg index in 2017, after Chinese parcel-delivery billionaire Wang Wei’s $18.4 billion gain and an $11.4 billion rise for Facebook Inc. founder Mark Zuckerberg.

That makes two reasons that Bezos can be happy about Trump being in the White House. Not only have the markets been making rich people richer in anticipation of a big tax cut, but the Bezos-owned Washington Post has been thriving with so much scandal to report on. According to Politico, “The Post has seen a 75 percent increase in new subscribers since the first of the year and says it has doubled digital subscription revenue over the year.” That goes against every trend in the newspaper industry. Read More