Jeff Bezos Adds Record $13 Billion in Single Day to Fortune -

[TopCat]

https://www.bloomberg.com/news/articles/2020-07-20/jeff-bezos-adds-record-13-billion-in-single-day-to-his-fortune

Jeff Bezos added $13 billion to his net worth on Monday, the largest single-day jump for an individual since the Bloomberg Billionaires Index was created in 2012.

Amazon.com Inc. shares surged 7.9%, the most since December 2018 on rising optimism about web shopping trends, and are now up 73% this year.

Bezos, Amazon’s 56-year-old founder and the world’s richest person, has seen his fortune swell $74 billion in 2020 to $189.3 billion, despite the U.S. entering its worst economic downturn since the Great Depression. He’s now personally worth more than the market valuation of giants such as Exxon Mobil Corp., Nike Inc. and McDonald’s Corp.

Mackenzie Bezos, his ex-wife, gained $4.6 billion Monday and is now the 13th-richest person in the world.

Other tech titans are also enjoying a surge driven partly by people forced to stay at home and helped by the boost given to markets by unprecedented stimulus efforts by governments and central bankers. Seven of the ten richest people on the planet owe their wealth to the sector, including Elon Musk, whose fortune has soared $47 billion so far in 2020.

Facebook Inc. Chief Executive Officer Mark Zuckerberg has added almost $15 billion to his net worth so far this year, even as the company deals with brands boycotting ads on the social network.

 

[President Joe Biden]

Amazing how these billionaires are just stacking bills while an army of dumbass NEETs harass anyone who actually has to work to put food on the table. They're so fucking out of touch. Yes, this directed at a certain group of KF posters.

 

[Cilleystring]

Bezos you owe me reparations

 

[ConfederateIrishman]

Amazing how these billionaires are just stacking bills while an army of dumbass NEETs harass anyone who actually has to work to put food on the table. They're so fucking out of touch. Yes, this directed at a certain group of KF posters.

I wonder when it will sink in for them that social conservatism and older tradition are completely incompatible with Capitalism long term.

...Probably a pill too hard to swallow tbh, as it is not like there are any good modern systems to replace it.

 

[Jimjamflimflam]

Amazing how these billionaires are just stacking bills while an army of dumbass NEETs harass anyone who actually has to work to put food on the table. They're so fucking out of touch. Yes, this directed at a certain group of KF posters.

But i need my cheap Chinese crap! Without my material goods I am nothing!

 

[Dante Alighieri]

And yet if he tried to cash any of it out it wouldn't have nearly the "value" it does. After a certain level it's all funny money. The actual meaningful part is any dividends.

 

[wtfNeedSignUp]

How the fuck is Amazon not considered a monopoly and dismantled?

 

[Dildo]

How the fuck is Amazon not considered a monopoly and dismantled?

Money.

Money makes everything okay.

 

[Just Some Other Guy]

It's almost like specific people benefited from this whole shitshow.

 

[Bland Crumbs]

He may have billions but I have hair.

 

[mindlessobserver]

And yet if he tried to cash any of it out it wouldn't have nearly the "value" it does. After a certain level it's all funny money. The actual meaningful part is any dividends.

This. Stock equity /= capital equity. Its lines on a paper and its backed by unicorns and rainbows. Much like Amazons stock it should be noted. Amazons numbers are huge, but it is not a profitable company. People do find this hard to believe, but its true. They work on margins that would make McDonalds blush. Its why their fulfillment centers are such autistic slave factories. The difference between letting all the workers go to the bathroom when they want vs. shitting their pants is literally the difference between being in the black and being in the red. Amazon's entire business model is aggressive expansion via Market Capitalization. They keep bringing in new investors to grow the company, and everyone keeps investing because the company keeps growing. They hope that one day the expansion period will end and they can start to reap all those sweet sweet dividends.

So to say "Bezos made 13 billion dollars" is inaccurate. Its more that another round of hopeful supplicants dumped cash into his company and inflated the stock value yet again.

How the fuck is Amazon not considered a monopoly and dismantled?

Would you believe that Amazon also positions itself as "a platform?" It allows competitors to sell their shit on Amazon too. Its really rather brilliant and twists anti-trust law into a pretzle, but its true regardless. And to be fair, its pretty good for alot companies too as it gives them access to a large pool of consumers.

 

[oldTireWater]

He may have billions but I have hair.

"I just want my brother to envy my money, but he's got that hair. Why can't I have hair and money and him nothing?" - George Sr.

 

[Hypnopedosnake2]

not the biggest fan of him, but i atleast like the fact that he makes the commies cry.

 

[kcbbq]

He may have billions but I have hair.

If he really, really wanted to I'm sure he could have your hair, too.

 

[beautiful person]

And yet the champagne socialists will still brag about their Amazon Prime accounts.

 

[wtfNeedSignUp]

This. Stock equity /= capital equity. Its lines on a paper and its backed by unicorns and rainbows. Much like Amazons stock it should be noted. Amazons numbers are huge, but it is not a profitable company. People do find this hard to believe, but its true. They work on margins that would make McDonalds blush. Its why their fulfillment centers are such autistic slave factories. The difference between letting all the workers go to the bathroom when they want vs. shitting their pants is literally the difference between being in the black and being in the red. Amazon's entire business model is aggressive expansion via Market Capitalization. They keep bringing in new investors to grow the company, and everyone keeps investing because the company keeps growing. They hope that one day the expansion period will end and they can start to reap all those sweet sweet dividends.

So to say "Bezos made 13 billion dollars" is inaccurate. Its more that another round of hopeful supplicants dumped cash into his company and inflated the stock value yet again.



Would you believe that Amazon also positions itself as "a platform?" It allows competitors to sell their shit on Amazon too. Its really rather brilliant and twists anti-trust law into a pretzle, but its true regardless. And to be fair, its pretty good for alot companies too as it gives them access to a large pool of consumers.

About the first part I wanted to also say that it's not really the same as real world money (it's not translated to 13b worth of food, for example) but thinking about it some more, Amazon's net worth comes from buyers being absolutely fucking idiots and only strengthening bad practices and how centralised the market is.

Not to mention that when billionaires actually start throwing their vast stores of wealth around it is usually to kill political regimes.

 

[Jimjamflimflam]

not the biggest fan of him, but i atleast like the fact that he makes the commies cry.

That's the crazy part in all this. It's the internet commies who keep buying all their pointless crap on Amazon that's inflating Amazon's worth.

 

[Kheapathic]

I'm not one for wealth redistribution, but I do find making a number that big in 24 hours to be ludicrous. I also don't like the idea of stockholders and how it looks like one big house of cards ready to tumble; all based on speculation that can be something as innocuous as a majority share-holder cashing out.

 

[DuckSucker]

Would you believe that Amazon also positions itself as "a platform?" It allows competitors to sell their shit on Amazon too. Its really rather brilliant and twists anti-trust law into a pretzle, but its true regardless. And to be fair, its pretty good for alot companies too as it gives them access to a large pool of consumers.

Its like saying Bing is competing with Google because they could purchase ads on any of Google's platforms. Amazon almost certainly has a deal where you buy placement on their storefront page, and of course, fair enough, Amazon products are front and center. How many people do you think click through to page 2 of a search? Fuck how many people scroll down? A good portion probably search a specific product or click thru on some affiliate link. I half believe Amazons web design is scaled so that there are only so many products on a page at a time and you pay for top billing, which, fair, but dont say its a competitive marketplace.

Amazing how these billionaires are just stacking bills while an army of dumbass NEETs harass anyone who actually has to work to put food on the table. They're so fucking out of touch. Yes, this directed at a certain group of KF posters.

Im sure its cheap Chinese crap and not Amazon owning both Netflix and Twitch, and probably a package of other streaming services, rivaling probably the entirety of the cable industry, during a time of 6 months of quarantine. Big Tech has a lot of interest in promoting a "stay at home" narrative. Considering if quarantine were more thoroughly enforced, Amazon prime would be people's go-to.

Bold of you to assume there's no behind the scenes favor calling going on. To this day youtube has had a "breaking news" ticker that comes up usually to push some political agenda and theyve been showing non-stop Corona terror news. They didnt cover the George Floyd protests, or anything else, but they did have a coverage of anti-mask, anti-lockdown protests. You could argue its because it's tangentially related and only lasted a day, but, kinda queer.

In a time where hundreds of thousands of Americans are losing jobs, out of work, small businesses are shutting down; this shit is Walmart in the 90s all over again.

 

[Kheapathic]

Bold of you to assume there's no behind the scenes favor calling going on. To this day youtube has had a "breaking news" ticker that comes up usually to push some political agenda and theyve been showing non-stop Corona terror news. They didnt cover the George Floyd protests, or anything else, but they did have a coverage of anti-mask, anti-lockdown protests. You could argue its because it's tangentially related and only lasted a day, but, kinda queer.

I'd welcome them promoting Corona and shit. All I've gotten is (and of course it isn't up, now that I want to bring it up) is some weird shit where they're pushing black creators. I don't remember the name/title they gave it, but it may as well be a BET collective on YouTube. Had videos from indy black people, interviews with black people, new aspiring black musicians, etc; just really pushing the "here's black people, see how normal they are" shit. But Corona or anything else, eh, just basic shit that was hot/relevant at the time; nothing curated with a whole row of corona content.