There isn’t another word for it; overall the global economy is in utter turmoil. In order to save current jobs and the future of businesses locally, governments are forking out huge amounts of money for stimulus packages just to see out the current pandemic. In decades to come, a mammoth generational debt will be thrust upon our children. But one bread winner from the current crisis is Amazon founder and billionaire, Jeff Bezos.
According to a daily update on the Bloomberg Billionaires Index, Bezos has increased his net worth since the beginning of the year by a whopping $24 billion USD (or $37.8 billion AUD). That is even amid the current coronavirus crisis. Doing the math, that is a surge of 20 percent over the last four months equating to a total of $138 billion USD in April.
The unexpected rise could be due to increased demand for online shopping such as his Amazon business.
However unlike the novelty items you once bought from the e-commerce giant, Amazon is now prioritising household essentials such as baby formula and hand sanitiser as to avoid scrutiny for continuing to operate with such large numbers of staff across the globe. Further adapting to consume needs, Amazon Fresh allows the delivery of produce and fresh groceries in the US.
In a recent announcement, Amazon will restart shipping non-essential item which saw stock price rise to an all-time high as of Tuesday last week, closing at $2,283.32 USD and lifting its market cap to $1.14 trillion USD, says Business Insider.
But no business nor person is immune to the effects of COVID-19. What happens next is anyone’s guess. As always, stay tuned for further developments.