Jeff Bezos’ Huge Fortune Rises by $20 Billion as Zuckerberg and Musk Stumble – What’s Behind the Surge?

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In the battle of the mega-billionaires, Jeff Bezos has had far better weeks than either Mark Zuckerberg or Elon Musk, as evidenced by both the former’s rise in net worth and the latter’s dramatic decline.

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While Zuckerberg lost around $30 billion in personal wealth in a single day and Musk saw his net worth plummet by more than $26 billion last week, Bezos needed to add $20 billion to his personal wealth. following a strong earnings report from Amazon, Reuters reported.

Amazon’s stock price rose about 16% in afternoon trading on Friday, a day after the e-commerce giant posted better-than-expected fourth-quarter earnings and posted a near gain. $12 billion from its investment in electric vehicle company Rivian. Amazon also said it would raise the annual price of Prime subscriptions in the United States, putting its stock in a position to enjoy its biggest one-day percentage gain since 2009.

Bezos, founder and chairman of Amazon, owns about 9.9% of the company, Reuters said, citing data from Refinitiv. He ranks as the third richest person in the world behind Musk and Bernard Arnault, according to Forbes’ latest ranking.

Forbes estimates that Bezos’ net worth reached $177 billion in 2021, a 57% gain from the previous year. He and other Amazon shareholders have benefited from an increase in online shopping during the COVID-19 pandemic.

Meanwhile, Zuckerberg, co-founder and CEO of Facebook’s parent company Meta, saw his net worth plummet by $29.8 billion on Thursday after his company’s disappointing fourth-quarter results. As GOBankingRates reported, it was the second-biggest one-day loss in history.

Tesla CEO Musk suffered the biggest one-day loss in November when his personal wealth plummeted by $35 billion after he tweeted that he might sell 10% of his stake in Tesla. Musk also lost $25.8 billion of his net worth last week, according to Bloomberg.

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Meta’s stock price fell 26% on Thursday, wiping out $200 billion in market capitalization to set another single-day high. Zuckerberg owns just under 13% of the company. Meta’s stock rebounded on Friday, rising about 0.20% in afternoon trading.

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About the Author

Vance Cariaga is a London-based writer, editor and journalist who has previously held positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work has also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal, and Business North Carolina magazine. He holds a BA in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting has earned him awards from the North Carolina Press Association, Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A North Carolina native who also writes fiction, Vance’s short story “Saint Christopher” placed second in the 2019 Writer’s Digest short story competition. Two of her short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. Her first novel, Voodoo Hideaway, is published in 2021 by Atmosphere Press.

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