- Amazon CEO Jeff Bezos is worth over $200 billion and Tesla Motors CEO Elon Musk is worth over $100 billion following the surges of the stock prices of both companies
This past week, the net worth of the Amazon CEO Jeff Bezos and Tesla Motors CEO Elon Musk hit a major milestone. Now Amazon CEO Jeff Bezos is worth over $200 billion and Tesla Motors CEO Elon Musk is worth over $100 billion.
Jeff Bezos Net Worth: Over $200 Billion
Forbes noted that Bezos has more worth than anyone else ever had, even when adjusted for inflation. During the height of the dot-com boom, Microsoft co-founder Bill Gates had an estimated net worth of $158 billion. Now Gates has a net worth of about $116.1 billion.
Amazon has been reporting record-breaking numbers, which was partially driven by the shelter-in-place orders associated with the COVID-19 pandemic. It is estimated that Bezos’ wealth is equivalent to about 1% of the US gross domestic product (GDP), which was at $19.4 trillion this last quarter according to the Department of Commerce. The Amazon stock price closed at over $3,400 per share on Friday and now its market value is at over $1.7 trillion.
For the last quarter, Amazon beat Wall Street expectations as it saw $5.2 billion in net profit. It achieved these numbers despite the company warning investors that it is going to spend all of the $4 billion it was expecting to make for the quarter on safety measures for employees and others associated with the COVID-19 pandemic.
A majority of Bezos’ wealth is from Amazon stock as he has about an 11% stake in the company. Bezos is also the owner of The Washington Post and space exploration company Blue Origin. Plus Bezos makes investments in startups through Bezos Expeditions.
Elon Musk Net Worth: Over $100 Billion
According to a report by the Institute for Policy Studies, Bezos was one of the largest beneficiaries of the pandemic based on total net worth growth since the middle of March. But Elon Musk saw the highest percentage growth with more than a 323% boost. Before the pandemic, his net worth went from $24.6 billion and now it is at about $104 billion.
Specifically, Elon Musk’s net worth increased to over $100 billion on Wednesday. That was the same day that Bezos passed the $200 billion mark. This month, the stock price of Tesla Motors increased over 49% from about $1,474.57 a month ago to $2,213.40 at the close on Friday, August 28.
Musk owns over 40 million shares of Tesla (as of June). This is up from 38.7 million shares of Tesla at the beginning of the year. And in May, the revenue and stock price of Tesla Motors hit a few milestones, which unlocked a $55 billion bonus package for Musk. The first milestone enabled Musk to unlock the 1 out of 12 stock options tranches.