Jeff Bezos, world’s richest man earns $3.4 billion in a day

Jeff Bezos, the world’s richest man, recently recorded impressive gains in his net valuation amid strong buying pressures recorded in the world’s biggest eCommerce company.

According to the real-time data retrieved from the Bloomberg Billionaire Index, the 57-years-old American billionaire earned $3.38 billion after the close of Tuesday’s trading session, pushing his total net value to $190 billion.

His current wealth valuation would buy 101 million troy ounces of gold or 2.63 billion barrels of crude oil at today’s prices.

 

Prior to MacKenzie Scott’s divorce from the tech billionaire in 2019, Jeff Bezos had 16% of Amazon before a 4% stake was transferred to his ex-wife. Still, the value of his equity alone at Amazon has soared to about $167 billion after Amazon Web Services’ operating income recorded impressive growth in recent times with the business generating $13.5 billion in the year 2020 alone.

Amazon is popularly known for its Kindle (an e-book platform), household goods, books and many retail products sold through its flagship online store.

The company also controls the Whole Foods grocery chain and offers video streaming services. It remains the biggest cloud computing provider worldwide.

 

Should you buy Amazon stocks?
Recent chart patterns reveal the world’s largest e-commerce company has recorded impressive growth after breaking above the $3,264 mark at the end of Tuesday’s trading session

The $1.64 trillion valued company had earlier faltered after nabbing an April 30 all-time high of $3,554, but increasing buying pressures reveal all that is about to change on recent info that the company is offering six-month prescriptions starting at $6 for medications for common ailments, in Amazon’s latest strategy to lure citizens of the world’s largest economy into buying drugs online rather than at a pharmacy or supermarket.

Consequently, stock pundits argue that Amazon’s headway into the $360 billion U.S. prescription drug market since acquiring online pharmacy, PillPack, in 2018, would boost and increase the company’s margins in the long term, further reinforcing bullish sentiments on the shares of the Seattle-based company.

In addition, investors are clinching more on the stock based on its growing market share in key sectors like e-commerce and cloud computing, despite having a high Price/Earning ratio of 62.11 (a high P/E ratio usually means the financial asset is over-valued, or oftentimes, investors are expecting high growth rates on a much later date).

That being said, recent reports from G7 Finance Ministers plotting a raid on Amazon’s lucrative cloud-computing business to ensure it pays more corporate tax under the new G7 agreement on a global rate, weighs significantly on the minds of several investors despite Amazon appearing to fall outside the profit margin threshold set by the Finance Ministers of the world’s most industrialized countries. This move could curb the company’s profit margins.

This is coming on macros postulating Amazon’s cloud-computing division might be treated as a separate entity.

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