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Jeff Bezos grows fortune by $24 BILLION amid coronavirus pandemic

Via theguardian.com:

The Amazon CEO and entrepreneur, Jeff Bezos, has grown his vast fortune by a further $24bn so far during the coronavirus pandemic, a roughly 20% increase over the last four months to $138b.

Bezos owns an 11% stake in the company and has been the world’s richest person since 2017.

A surge in demand has driven the business to near peak holiday season levels, with households on virtual lockdown and many millions staying indoors. Amazon’s share price rose by 5.3% to reach a record high on Tuesday.

As the US’s coronavirus outbreak first spread, Bezos saved himself from larger losses by selling a large portion of his shares. He then benefited from the best three-day stock market rally since 1933. The late rally helped Amazon’s share price to recover almost all of its losses in March.

But the increased demand comes amid growing controversy over the retailer’s handling of the coronavirus outbreak.

Workers have reported severe strains on warehouse teams. Many are on the frontlines packing and shipping items at warehouses where Covid-19 can easily spread.

Several have confirmed cases of employees testing positive for the virus.

Amazon reported its first warehouse worker death on Tuesday. The man, an operations manager who worked at the company’s Hawthorne, California, warehouse, died on 31 March.



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