The 2024 U.S. Presidential election has delivered a windfall for Amazon founder Jeff Bezos, propelling his net worth to a staggering $228 billion, according to Bloomberg’s Billionaire Index. This remarkable surge is directly linked to the significant increase in Amazon’s stock price, fueled by investor optimism surrounding the anticipated economic policies of newly elected President Donald Trump.
Bezos’ vast wealth, primarily stemming from his ownership of 926.41 million Amazon shares, has seen a dramatic uptick since Trump’s victory. While Tesla and SpaceX CEO Elon Musk remains the world’s richest person with a net worth of $290 billion, Bezos has solidified his position as the second wealthiest individual on the planet.
On Wednesday, Amazon’s stock reached an all-time high of $207.03, adding $7 billion to Bezos’ fortune and surpassing his previous peak of $221 billion. The market’s positive reaction on Wednesday extended to the world’s five wealthiest individuals, including Bezos, who collectively saw a combined net worth increase of nearly $53 billion.
The surge in their wealth is largely attributed to investors’ expectations of a more business-friendly environment under Trump’s administration. This includes potential reductions in regulations and corporate tax cuts, which are seen as beneficial to tech giants like Amazon. Notably, prior to the election, Bezos divested 1.07 million Amazon shares at a price of $200.07 each, earning roughly $213.8 million.
Amazon’s strong third-quarter financial results, which saw net sales exceeding forecasts at $158.9 billion and a 11% year-over-year increase, further contributed to the stock price climb. This robust performance, coupled with investor sentiment surrounding Trump’s policies, has propelled Bezos to the top of the wealth charts.
While Bezos did not endorse a candidate in the recent election, he extended congratulations to Trump on his victory, calling it an “extraordinary political comeback.” Despite this, Bezos and Trump have had a history of public clashes, with the President-elect frequently criticizing Bezos on social media. In 2018, Trump accused Amazon of not paying sufficient taxes, and the following year, Amazon filed a lawsuit against the Trump administration, claiming that his hostility cost them a $10 billion cloud contract.
The recent surge in Bezos’ wealth highlights the significant influence of political events on the fortunes of tech titans. As Trump embarks on his second term, investors will be closely watching to see how his policies shape the future of Amazon and other tech giants, and how these developments translate into the wealth of their founders.
