As the world continues to deal with massive layoffs and furloughs, Amazon CEO Jeff Bezos is getting richer.
In a staggering revelation this week, Bloomberg Billionaires Index said Bezos's net worth has increased by 20 percent since the start of the year to $138 billion. That's up $23.6 billion from the $114.4 billion in net worth Bezos had at the end of 2019.
Bezos's net worth has been due to a dramatic increase in Amazon's stock price, which has soared since the coronavirus started its spread around the world and demand for the company's services skyrocketed. With people staying at home and unable to shop in stores, they've turned to Amazon, pushing the company's stock to new heights.
Indeed, Amazon's shares hit their highest price ever this week at $2,333.37, catapulting its market cap to more than $1.15 trillion.
It's a bleak fact of our current moment that Bezos, already one of the richest people in the world, increased his wealth as millions of people across the U.S. and many more millions around the globe have lost their jobs. Many other businesses--including not a few dependent on Amazon for distribution--have seen their revenue plummet.
Sure, there's a possibility that after retail stores open again and Amazon demand will decline, but that seems unlikely considering how many people will still be loath to go out for fear of contracting a circulating coronavirus. And while some Amazon workers have reportedly fallen ill to Covid-19, it seemingly hasn't impacted Amazon's business.
In fact, it's hard to say exactly how the coronavirus may impact Amazon long term. Indeed, unlike the vast majority of small and medium-sized business owners, this crisis appears to actually be good for Amazon's business. And there appears to be no slowing that trend anytime soon.