Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
YESTERDAY WAS A good day for anyone who owns a piece of Amazon. But if you’re the company’s founder, you can times that by about a million.
The e-commerce giant’s CEO, Jeff Bezos, will start today $7 billion (€6.4 billion) richer – based on his assets, that is – after shares in the company soared over 17% on some unexpectedly strong financial results.
The fast-growing but famously loss-making Amazon reported a rare profit of $92 million (€84 million) for the second three months of the year as it clocked up a staggering $23 billion (€21 billion) in revenue.
That compared to a loss of $126 million on turnover of $19.3 billion the same time in 2014.
The figures were enough to send the stock skyward in after-hours trade on the New York exchange, although it remains to be seen if the big rise will hold up today.
Bezos still owns about 18% of the company – more than three times the share of the next-largest, institutional investor – worth about $47.5 billion (€43.5 billion) last night, or roughly $7 billion more than in the morning.
In total, his personal fortune stood at over $50 billion (€46 billion) yesterday, according to Forbes, making him the world’s fifth-richest person. In 2013 he bought the Washington Post for $250 million.
Amazon time
Meanwhile Amazon, which started life in 1995 as an online book store Bezos ran from his Seattle garage, has been continuing its spread into all kinds of retail and logistics operations, including most recently grocery deliveries.
The service is up and running in several US cities, but earlier this week it was reported the Amazon Fresh operation was also coming to the UK.
However Amazon is also facing probes in the EU over whether it shut out rival e-book sellers with anti-competitive contracts, as well as for its tax dealings with Luxembourg.
We doubt Bezos is worrying much about any of that today.
To embed this post, copy the code below on your site
I didn’t do my homework because my Granny died.
@John Smith: hahaha I was literally just gonna write something very similar. Classic school homework excuse territory here
@John Smith: classic.
@John Smith: The queen made me do it, ffs take responsibility.
@John Smith: more like, I didn’t do my homework because someone else’s granny died. Someone I’ve never met cause me to crash the countries economy
Good man blame the dead, how low.
Kwami-Kwazi Kwashed the United Kwingdom because he felt kwushed by the Kween’s Death…
Seriously!?!? If this is true that actually makes it worse. It means that not only was it not thought through it was based on an emotional response. He and Truss almost ruined the British economy based on a snap decision not based on economic logic. This is crazy that he somehow thinks that makes it OK. The man really seems to be on the spectrum from what I’ve seen of him. Not that that’s a bad thing but not great when you are in charge of a countries finances.
Is he for real?
No comeback blaming a dead woman!
Queen’s passing is very fresh in the UK’s electorates mines… It’s a aparticularly bad idea to mention her death and his stupid mistake in the one sentence. Cant seeing him being in the job past halloween.
Ah yeah, blame poor Liz. Honestly the excuses are getting more ridiculous. None of them have a clue what they’re at
Glad he’s holding firm on the benefits. Working has to outweigh claiming the scratcher.
@Danny Gibson: what, like kwatengs work?
@Danny Gibson: Benefits? Hardly means you should start squeezing the poor because you’ve just discovered benefitting the rich isn’t working. Besides, some of the poor have jobs – it just doesn’t pay the bills any more, and not all the rich work do they, some are just lazing about letting the old dosh do the work for them. So what’s fair? The answer’s not always straightforward.
He is absolutely shameless. It must be something they learn at Eton. Arrogant posh boys blame everyone but themselves.
Just as well she didn’t arise after 3 days…could have cost him his head.
@Donal Desmond: Well at least he didn’t deny that he knew her before the rooster crowed.
@Mick Tobin: The thirty pieces of silver would have gone to the rich. It would eventually trickle down to the remaining eleven.
What a t__t
Pathetic
As thick as two short planks.
Almost makes you pine for Boris, Dorries and Patel…..
@Insider at RTE: almost though Patel was particularly toxic on many levels.
Big boys made me do it.
Will they ever stop telling lies…
And the bankers need extra bonuses
have your say