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08-07-2021 | Business

Jeff Bezos Hits Wealth Record Of $211 Billion After the Pentagon Move.

On Tuesday, Amazon.com Inc. shares rose 4.7 percent after the Pentagon announced it was cancelling a cloud-computing contract with Microsoft Corp., bringing Jeff Bezos' net worth to an all-time high of $211 billion.

Amazon's stock has risen dramatically  led to a rise in Bezos's fortune by $8.4 billion, as per the Bloomberg Billionaires Index. The last time someone on Bloomberg's ranking came close to this figure was in January, when Tesla Inc. CEO Elon Musk temporarily crossed the $210 billion threshold.

Bezos and Musk traded the top rank as the world's richest person for the first half of the year, but the former has held on to the top slot since mid-March, as Amazon shares surged about 20% during that time.

Stock prices have soared in recent months, boosting the fortunes of a slew of tech titans, including Musk.

Even as Tesla shares fell on Tuesday, he trailed Bezos with a net worth of $180.8 billion. At $168.5 billion, Bernard Arnault, the founder of the luxury conglomerate LVMH, which includes Louis Vuitton, Dior, and Hublot, ranks third.

The COVID-19 outbreak revitalised the company's price, bringing Bezos' fortune to a record $206.9 billion.

Following a 27-year tenure as Amazon's CEO, Bezos formally stepped down this week. He still owns roughly 11% of Amazon and serves as the company's executive chairman.

After years of bickering between the government and some of the biggest US tech firms over the agreement, the Pentagon announced on Tuesday that it was cancelling a $10 billion cloud-computing contract awarded to Microsoft in 2010.

The decision suggests the Pentagon intends to divide the work between Microsoft and Amazon.

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