How Jeff Bezos Became The Richest Man In The World

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Over the course of the past five years, retail giant Amazon has proven a steady source of financial news. This company has become so large and dynamic that almost every week brings another exciting news story about Amazon or an Amazon executive. Recently, Amazon CEO Jeff Bezos achieved a remarkable milestone. Because Amazon’s share price experienced remarkable growth, Bezos is now the world’s wealthiest man. Already quite strong, Amazon’s stock just experienced a major spike when Amazon released a positive Q3 earnings report. This report revealed that Amazon had generated $43.7 billion in revenues for the quarter. This represented one billion more than the sum Wall Street analysts had predicted. Amazon also reported fine earnings-per-share (EPS) numbers. Analysts had expected Amazon to report earnings of three cents per share. Instead, the e-commerce company achieved an EPS of 52 cents. The market responded to Amazon’s good news with amazement and approval. For the very first time, Amazon’s stock price shot past $1100.

Despite its revenue success and its large market cap, Amazon only earned profits of $256 million in 2017’s third quarter. For such a large corporation, profits like these are fairly paltry. Nevertheless, retail investors don’t seem to be particularly worried about this state of affairs. Amazon has long sacrificed short-term profits in its quest to build greater market share. So far, these efforts have always paid off. Investors seem to genuinely believe in Amazon’s expansive vision for the future. Amazon’s demonstrable facility in many industries is probably going to keep investors coming back again and again. At this point in time, Bezos is likely satisfied that he is achieving so much. Back in July 2017, Bezos briefly became the world’s wealthiest man before quickly losing this title to Bill Gates. This time around, there is every indication that Amazon’s stock price has achieved greater stability. Though the future is never certain, it is likely that Bezos will remain inordinately wealthy into the foreseeable future.

In addition to his commercial aspirations, Bezos hopes to use his money to benefit ordinary, working people. The mogul exemplified a sense of striving for greatness when he purchased the Washington Times. Although legacy industries like the newspaper industry are famously struggling to find successful business models, Bezos reportedly purchased this paper to ensure the public access to great journalism.

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