Economy

Amazon is getting a boost from Cyber Monday

Amazon is getting a boost from Cyber Monday

By exceeding the $100 billion-dollar threshold, 53-year-old Jeff Bezos becomes the first billionaire to overcome since 1999, the incredible fortune of Microsoft's co-founder Bill Gates.

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"Bezos has already seen his wealth soar by $32.6bn before the spending bonanza this year, and an extra $2.4bn ahead of the consumer frenzy secures his position as the world" s richest man.

Bezos owns nearly 17 per cent of Amazon, which he founded in a Seattle garage in 1994 after quitting a hedge fund job to sell books online.

Shares of Amazon are trading up 1.41% to $1,202.51 on Cyber Monday.

Based on the share price, Seattle-based Amazon had a market value of some $576.3 billion.

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Online shopping accounted for a record $7.9 billion in sales on Black Friday, a 17.9% jump compared to past year according to Adobe Analytics, while foot traffic to stores was expected to have declined.

The total fortune of Jeff Bezos, the founder of Amazon, has reached to a total amount of $100.3 billion, after the shares of the online retailer rose with more than 2% on Friday, due to the investor's optimism regarding the Black Friday sales, writes Bloomberg.

Bezos is only just starting to focus on philanthropy, and in June tweeted a request for ideas on how to help people. That stake alone is worth more than $93.5 billion as of Friday's closing price of $1,186 a share.

Bezos owns nearly 17 percent of Amazon, which he founded in a Seattle garage in 1994 after quitting a hedge fund job to sell books online. The index numbers are based on the close of trading in NY on Wednesday.