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Business & Economics News

Coronavirus has Boosted the Net Worth of Amazon Founder

The world’s richest person, Jeff Bezos, the founder of Amazon, has now a fortune of $138bn, according to Bloomberg Billionaires Index.

Coronavirus has boosted the net worth of American Billionaire, Jeff Bezos, by $24bn as the demand for online shopping sent Amazon’s stock price to an all-time high.

Amazon has benefited from surfing internet shopping by people forced to stay home during the COVID-19 pandemic. On Tuesday, April 14, Amazon’s share price climbed 5.3%, hitting a new record close of $2,283 per share, as consumers have moved online during the coronavirus pandemic.

The US economy is expected to contract by almost double that of the global economy, according to the IMF, with a 5.9% drop in GDP forecast for 2020.

Mr. Bezos becomes the latest billionaire to benefit from the current economic standstill whilst 22 million Americans claim unemployment.

Amazon has been recruiting thousands of new workers to meet current demands. However, Amazon has also been criticized by employees in the US over workplace protection against the pandemic. Distribution warehouses across the world have seen mass walkouts since the pandemic began in Europe and the US.

“I was grateful at first for the unlimited [unpaid time off] and $2 increase, but as things got worse and the virus was spreading more and more, it didn’t matter. I don’t want to be there, but I need the income,” said one of Amazon’s workers. “The stress of bringing it home to him makes me physically ill.”