Inexplicable Wealth Superfluities: Jeff Bezos is once again the world’s richest after Roller-coaster week
Jeff Bezos, the world’s richest had a very good week. This Amazon CEO got $10 billion richer than Elon Musk-Tesla CEO; whose net wealth is $183.2 billion and was lastly claimed the richest leading Bezos. Bezos current wealth is $191.5 billion. He had a hike of $8.3 billion over Tesla. The reason for Bezos boost this week comes adjoining the part of Trump’s departure who was a constant opponent of Amazon and Bezos owned Washington Post.
On Wednesday, as Joe Biden was inaugurated; he sent tech stocks rising a buoyancy over his management over COVID-19 vaccine and stimulus plans.
By the end of the week, the stocks were as,
Amazon- 6.1%
Facebook-9.2%
Google Parent- 9.5 %
It thus beaded the S&P and Dow Jones Industrial Average’s weekly gains by 2% to 0.5 % respectively.
Amazon executive Dace Clark on Inauguration Day sent a letter to Biden that offered Amazon’s resources to help in distributing COVIS-19 vaccine. In the letter, he stated as they are ready to power their information technology, communication abilities, proficiency and procedures to promote your management on vaccination. In the letter, he also added to vaccinize 800,000 Amazon employees who are frontline workers.
This week Facebook CEO- Mark Zuckerberg whose net wealth is $100.4 billion gained $7.9 billion due to general buoyancy for ongoing new management and Wall Street’s increased confidence in social media giant. Daniel Salmon, the BMO Capital Market analyst stated that the stocks on Tuesday were upgraded by citing the power to Facebook’s e-commerce platform and is expected that it would face few hurdles in its ad-targeting business that is moving forward. The target price was set at $325 that is 18% higher than the current stocks.
On Tech Stock rally, Google co-founders Larry Page whose net wealth is $83 billion and Sergey Brin whose net wealth is 80.6 billion gained $6.6 billion and $6.3 billion respectively. It wasn’t good news at all for Google this week. The company finally decided to shut down the Loons for its efforts of bringing High-Speed Internet to remote places of the world using balloons.
Currently, it is also dealing with an anti-trust lawsuit filed against Google by 10 states that blamed Google for conspiring with Facebook to corner online advertising square. The trail should be moved from California to Texas where the suit was filed was the request of Google. If the company get the request accomplished it may face more tech-friendly jury.
On Biden’s inaugurations, European stocks also rose by fueling the hopes that new president will repair the relationship between the US and Europe that former president spoilt. Tweeted on Wednesday by European Commission President Ursula Von Der Leyen that United Stated is back. The chairman of Luxury multinational company LVMH- Bernald Arnault and the richest man in Europe got $5.6 billion richer this week.