The net worth of Amazon CEO Jeff Bezos has just reached a new peak after his company's stock inched higher this week. Since the start of the year, Amazon's stock has surged by more than 50 percent, sending Bezos' fortune well over $171 billion.
On Wednesday, Amazon's share prices reached a new record high of $2,878.70 per share. According to Bloomberg, Bezos had increased his net worth by more than $56.7 billion since the start of the year.
While a vast majority of companies had suffered massive losses during the global coronavirus pandemic, Amazon raked in billions of dollars in revenues amid the surge in online consumption. The company's e-commerce platform became a vital lifeline during the global crisis, providing grocery items and essential goods to consumers who were stuck at home.
Due to the surge in demand, Amazon had to dramatically increase its workforce. While other companies were furloughing and letting go of their employees, Amazon had hired an additional 175,000 workers to help it meet the rising demand.
Continuing its operations during the pandemic had unfortunately come at a cost. A surge in confirmed coronavirus cases had been reported at the company's different facilities across the country. This resulted in public criticism over the company's alleged lack of transparency and safety protocols to protect its employees.
During the second quarter, Amazon reportedly spent more than $4 billion on its coronavirus-related initiatives. This included the purchase of safety equipment, retrofitting its facilities, and providing compensation to its workers on the front lines. Last week, Amazon had revealed that it intends to give out $500 million worth of bonuses to its warehouse and delivery staff that were placed at high-risk of contracting the disease.
The surge in Bezos' net worth has placed his fortune well above where it was after his divorce settlement last year. After he had split with his wife, Mackenzie, Bezos lost around 25 percent of his shares in the company. Fortunately, Mackenzie had agreed to give Bezos the voting authority for the combined shares.
Mackenzie eventually pledged to donate the majority of her fortune to charity. Bezos then followed suit by making a $10 billion fund aimed at supporting environmental efforts. He also created a $2 billion Day 1 Fund, which provides support to the children's education and the homeless.
Similar to Elon Musk, Bezos has also dedicated a big chunk of his fortune to his Blue Origin space venture. Bezos had stated that the project is his most important work as it will help humanity become a multi-planetary species.
