Amazon shares hit record high

Following Amazon's strong earnings report, the company's shares reached a record level. Jeff Bezos's wealth increased by billions of dollars in a single day.

Don't leave your news choices to an algorithm - decide for yourself what you read. Add 12punto to your preferred sources!

Amazon shares rose to a record level on Friday following a strong earnings report that exceeded Wall Street's expectations. The company's founder, Jeff Bezos, experienced a significant increase in his wealth thanks to the rise in share value.

AMAZON SHARES ROSE BY 11.5 PERCENT

Amazon shares, which lost 3.2 percent of their value on Thursday, rose by 11.5 percent at the opening on Friday morning following the earnings report, reaching the 248.60 dollar level. This rise was evaluated by investors and analysts as a strong signal.

24 BILLION DOLLARS ADDED TO BEZOS'S WEALTH

Following the announcement of the earnings report, Bezos's wealth showed a significant increase. According to Forbes data, Jeff Bezos, the world's third-richest person who owns 8 percent of Amazon, earned an additional 24 billion dollars on Friday. Bezos's total wealth rose to 259.4 billion dollars.

LOSSES FROM THE DECLINE RECOVERED

Due to the decline in shares on Thursday, Bezos had experienced a loss of 6.6 billion dollars. However, the strong rise on Friday more than compensated for this loss.

SHARES' RISE SINCE THE BEGINNING OF THE YEAR

Amazon shares had broken a record in February by seeing levels above 240 dollars. However, in April, the shares had fallen to 161.38 dollars. Since that day, the value gain has reached 53 percent. The shares have shown an increase of more than 12 percent since the beginning of the year.

News Source: 12punto