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Amazon’s Jeff Bezos would need to spend $28 million a day to avoid getting richer


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https://www.msn.com/en-us/money/companies/amazon-s-jeff-bezos-would-need-to-spend-28-million-a-day-to-avoid-getting-richer/ar-BBLn06r?ocid=AMZN

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Jeff Bezos is rich. That much is known. However, the scope of the Amazon.com chief’s filthy richness — with his net worth of $150 billion, by Bloomberg’s reckoning — against the backdrop of a yawning equality gap, is part of the theme of a recent article in the Atlantic. But perhaps one factoid most aggressively catches the eye in the piece:

 

‘[Bezos] needs to spend roughly $28 million a day just to keep from accumulating more wealth.’ — The Atlantic

Wow!

 

The 54-year-old’s net worth has ballooned by more than $50 billion this year, according to the Bloomberg article, published in mid-July. That gain came as Amazon’s stock (AMZN) has surged. As of Wednesday’s close, they were up 54% this year, and they have rallied by more than 80% over the past 12 months, according to FactSet data. By comparison, the Dow Jones Industrial Average (DJIA) has gained a more muted 2.5% so far this year, and 15.3% over the past year, while the S&P 500 index(SPX)has advanced 5.2% to date in 2018 and has risen nearly 14% over a 12-month period. Meanwhile, the Nasdaq Composite Index (COMP) , a benchmark whose membership is laden with technology and internet-related names, has climbed almost 12% in the first seven months of the year and more than 21% in the past 12 months.

 

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he owns roughly 81,910,000 shares of amazon @ $1797 a share yields about 147 billion so the overwhelming amount of his wealth is both just on paper and tied up in the company. All these article headlines I've seen lately make it sound like he has Ducktales style money vault he goes swimming in. 

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