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  • Updated: July 21, 2020

How Jeff Bezos Made Double Of Aliko Dangote's Wealth In One Day

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

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In one day, Amazon founder, Jeff Bezos, made more than the whole of Aliko Dangote's wealth twice without breaking a sweat, after Bezos' net worth added $13 billion on Monday, July 20, 2020. This makes him the first billionaire to achieve the feat since Bloomberg began its billionaire index in 2012.

The increase it Bezos' wealth had occurred after Amazon's shares surged 7.9%, taking his worth of $74 billion in 2020 to $189.3 billion on Monday. His fortune is rising amidst economic downturn in the United States, and he's now worth more than the market valuation of Exxon Mobil Corp., Nike Inc. and McDonald’s Corp.

What Pushed Jeff Bezos' Wealth Upward?

AllNews had reported that coronavirus affected several economy across the world. The pandemic led to many businesses shutting down in fear of contarcting the virus, and this lead to revenue loss for them, however, online platform were not really affected as they became the go-to for many households seeking to purchase things.

Even businesses that shutdown had to depend on the online stores to sell their products. So restriction on movements and social distancing made e-commerce platform essential to households. The migration of customers to online led to significant patronage on Amazon and other e-commerce platforms like Konga and Jumia.

And with Amazon having a wider reach, it has been able to take advantage of the surge in demand for online store. Amidst the global lockdown in March and April 2020, Amazon said it hired 175,000 additional workers.

[READ ALSO: Herbert Wigwe Addresses Access Bank's New Inorganic Growth Move In Kenya]

The jump in Bezos' is a single-day record on Bloomberg Billionnaire Index, and it surpassed the networth of Dangote which is over $7 billion - meaning Bezos surpassed it twice.He had longed recovered the $4.6 billion he parted with after divorcing his wife, Mackenzie.

To further understand the significance of Bezos' Monday record - he made $13 billion in 24hours, this translate to $541 million per hour, and $9 million dollars per minute, while he earned $68 million naira per second. Bezos remains the wealthiest man in the world, and his divorce settlement made his ex-wife the 13th-richest person in the world.

[READ ALSO: Finance Min, Zainab Ahmed, Reveals Impact Of Lockdown, Social Distancing On Nigeria's Economy]

What You Need To Know

Jeff Bezos founded e-commerce giant, Amazon in 1994, and he runs it as the Chief Executive Officer and owns an 11.1% stake. Amazon started as an online bookstore to compete against brick bookstore - the competition led to the collapse of several physical bookstores in the United States.

However, Amazon has outgrown its initial purpose, as it has grown into an e-commerce giant selling household and personal products across the world. Amazon has also established spin-off, such as streaming platform, Amazon Prime Video, to compete against Netflix. He also owns media outlet, The Washington Post, and Blue Origin, an aerospace company that is developing rockets for commercial use.

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

More From this Author

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