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Jeff Bezos will have a very good weekend, thank you.
The head honcho of Amazon.com became the 5th richest man in the world following the stock rally his company experienced on Friday trading. Geekwire said Bezos saw his net worth increased to about USD3.4 billion when his company revealed that Amazon posted a surprise second consecutive profit. The reveal inspired investors to invest in Amazon stock, causing him to surpass the Koch brothers Charles and David with an estimated total net worth of USD53 billion.
Amazon’s reported third quarter earnings were at USD79 million, purportedly caused by its cloud-computing unit’s strong growth and better-than-expected sales. The inspiring earnings report still had an effect even after hours trading, causing Amazon stock to increase by 10 percent.
Motley Fool wrote, “With growth like that, it's anyone's guess as to how big AWS can ultimately get, or how much profit it can generate over the long term. But it's clear that this business, similar to the retailing operations, is well positioned to capitalize on a major business shift.”
