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Business

World’s Richest Man Jeff Bezos Gains $8.4 Billion in a Day

World’s Richest Man Jeff Bezos Gains $8.4 Billion in a Day

World’s Richest Man Jeff Bezos Gains $8.4 Billion in a Day

  • Amazon founder Jeff Bezos saw his net worth rise by $8.4 billion to $211 billion on Tuesday, an increase of 4.7%
  • The increase in the billionaire’s fortune was influenced by a rise in the value of Amazon stocks after the Pentagon announced that it cancelled its deal with cloud-computing company Microsoft
  • Amazon stocks rose by 4.69% to reach a new all-time high of 3,675 amid sentiments that Amazon Web Services can win the contract that was lost to Microsoft in 2019

Jeff Bezos is has extended the gap between him and the rest of the world in the terms of net valuation.

Jeff Bezos

The billionaire who recently stepped down from his role as Amazon CEO has gained $8.4 billion in a single day.

The world’s richest man is valued at $211 billion an increase of 4.7% after a rise in the value of Amazon shares on Wednesday.

Amazon shares rose by 4.69% following news that the US Pentagon has cancelled its contract with cloud computing rival Microsoft.

The Department of Defense announced the cancellation of the $10 billion contract that was awarded under the Trump administration on Wednesday.

The cloud computing contract would have seen Microsoft build cloud storage for sensitive military data.

The Pentagon will now solicit new bids for the contract, allowing Amazon Web Services (AWS) a chance to win it.

Space bound Jeff Bezos is now father ahead of Tesla CEO Elon Musk who is worth $180.8 billion.

The positive news for Amazon comes only a day after Bezos stepped down as the CEO of the company.

Coincidentally, Andy Jassy who previously developed and led Amazon Web Services will be taking over as the CEO of the online retail company.

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