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Amazon’s stock rises as much as 2% hitting an all-time high since 2021; Jeff Bezos’ net worth climbs $3.3 billion
For the first time since July 2021, Amazon's share price reached a new high on Thursday, as investors continued to show a strong interest in large technology firms.
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Jeff Bezos is $3.3 billion richer as Amazon’s stock soared to a historic high on Thursday
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Amazon shares rose by up to 2% on Thursday, reaching an Intraday height of nearly $190 per share
On Thursday, Amazon's stock increased by up to 2%, reaching a new intraday high of around $190 per share. The rise and the 1.6% increase in the Nasdaq Composite for tech stocks came at the same time. It also came after Amazon CEO Andy Jassy's annual letter to shareholders was made public in the morning.
Amazon Stock's Bumpy Road To New High
In it, Jassy bragged about how his company's cloud computing subsidiary, Amazon Web Services, can drive "much of" the revolution in generative AI. After its share price fell during Amazon's first year of negative profits since 2014, the company finished 2022 with a valuation of less than $900 billion, a far cry from where it is today, less than 2% shy of reaching a $2 trillion market capitalization for the first time.
This year, the 26% increase in Amazon shares has outpaced the advances of the three main stock indices. Investor's mood toward Amazon and its cutting-edge counterparts has drastically changed as a result of the AI revolution, and analysts predict that a large portion of the growth of the internet retail behemoth will come from its AI-heavy AWS segment.
Jeff Bezos sees rise in net worth as Amazon stock rises
Jeff Bezos, the company's largest individual shareholder and the executive chairman of the board, has profited tremendously from the surge in Amazon stock, adding $3.3 billion to his $207 billion wealth on Thursday, based on Forbes estimates. With an increased net worth of over $90 billion from April of last year, Bezos is now the richest American and the second-richest individual in the world.
In May, Musk, who also serves as the CEO of X and SpaceX, overtook luxury goods tycoon and chairman Bernard Arnault, moving up to the top of the list with $197 billion. Based on changes in the stock market and other economic statistics, Bezos, Musk, and Arnault have been vying for the top spot in the ranking in recent years.
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