Jeff Bezos Adds Record $13 Billion in Single Day to His Fortune
Source: Bloomberg
Jeff Bezos added $13 billion to his net worth on Monday, the largest single-day jump for an individual since the Bloomberg Billionaires Index was created in 2012.
Amazon.com Inc. shares surged 7.9%, the most since December 2018 on rising optimism about web shopping trends, and are now up 73% this year.
Bezos, Amazons 56-year-old founder and the worlds richest person, has seen his fortune swell $74 billion in 2020 to $189.3 billion, despite the U.S. entering its worst economic downturn since the Great Depression. Hes now personally worth more than the market valuation of giants such as Exxon Mobil Corp., Nike Inc. and McDonalds Corp.
Mackenzie Bezos, his ex-wife, gained $4.6 billion Monday and is now the 13th-richest person in the world.
Read more: https://www.bloomberg.com/news/articles/2020-07-20/jeff-bezos-adds-record-13-billion-in-single-day-to-his-fortune?utm_content=business&utm_source=twitter&utm_medium=social&utm_campaign=socialflow-organic&cmpid=socialflow-twitter-business
bucolic_frolic
(43,443 posts)It leads to high prices.
In 1980 or so the government broke up the Bell System. Why can't they do that today? Because one man's persona is the symbol of the company, and AT&T was just a corporation?
jimfields33
(16,070 posts)Amazon is a store that people dont need. Maybe the reason.
bucolic_frolic
(43,443 posts)But the government does sometimes break up companies that have grown too dominant in their industry. Often it's a matter of pricing power, how much damage they are doing to consumers. The biggest online and offline retailers do the damage to competing retailers of course, mom and pop's in particular.
ZZenith
(4,133 posts)appalachiablue
(41,188 posts)Last edited Mon Jul 20, 2020, 09:08 PM - Edit history (1)
before it's all devoured. It's what happens when industry is unregulated, the predictable and dangerous pooling into monopolies.
"Monopoly Mayhem," Robert Reich, July, 2020
..As the federal government all but abandoned antitrust enforcement in the 1980s, American industry grew more and more concentrated. The government green-lighted Wall Streets consolidation into five giant banks. It okayed airline mergers, bringing the total number of American carriers down from twelve in 1980 to just four today. Three giant cable companies came to dominate broadband. A handful of drug companies control the pharmaceutical industry.
> Today, just five giant corporations preside over key, high-tech platforms, together comprising more than a quarter of the value of the entire U.S. stock market. Facebook and Google are the first stops for many Americans seeking news. Apple dominates smartphones and laptop computers. Amazon is now the first stop for a third of all American consumers seeking to buy anything.
The monopolies of yesteryear are back with a vengeance. Thanks to the abandonment of antitrust, were now living in a new Gilded Age, as consolidation has inflated corporate profits, suppressed worker pay, supercharged economic inequality, and stifled innovation...
https://robertreich.org/post/623012667052949504
pecosbob
(7,547 posts)Let's bring back the tumbril and guillotine.
farmbo
(3,122 posts)... to pay the poll tax fines for the 1,000,000 Florida released convicts who were robbed of their voting rights by the GOP.
Cmon... do something for our democracy. Its done a lot for you.
empedocles
(15,751 posts)dalton99a
(81,673 posts)BigmanPigman
(51,649 posts)the next cabinet (assuming the Dems win)?
Shermann
(7,472 posts)Bezos could have a nice even 100,000 such affairs, all kept nice and quiet.
I'm not saying he should, just that he could.