It’s not just Amazon’s actions that have fueled the fortunes of its billionaire sponsor. Dramatic changes in the share prices of Tesla, Reliance and Microsoft have reorganized the ranks of the world’s top ten richest since March.
yesBetween last Friday afternoon after the markets closed and 1 pm Tuesday, Jeff Bezos’ net worth fell by $ 8 billion. That’s a whopping sum: the combined value of the NFL New England Patriots ($ 4.1 billion) and the New York Giants ($ 3.9 billion). But for Bezos, who is worth $ 181 billion, it was just a couple of routine days at work, and a 4.4% decrease in his fortune.
Since March 18, the date that Forbes used to calculate the net worth of the world’s 2020 billionaires list, and days after the president declared a national emergency due to the coronavirus, Amazon’s stock price soared nearly 69%. When shoppers who took refuge in their homes during the pandemic turned to Amazon for more purchases, their market capitalization hit a record $ 1.5 trillion, and Bezos’ fortune jumped $ 68 billion. Even with the slight decline in the past two days, investors are not worried, mainly attributing it to the rebalancing of the portfolio, or to the momentum of the stocks that are receding a little after a good streak.
Bezos is not the only billionaire who got much richer during the pandemic. Elon Musk, CEO of Tesla and SpaceX, went from the world’s 31st richest in mid-March to 9th as of Tuesday. His net worth has nearly tripled in the past four months, to $ 69.1 billion from $ 24.6 billion, largely due to a massive 320% rebound in Tesla stock. It is the first time that Musk has been among the ten richest in the world. “I really couldn’t care less,” said Musk. Forbes in early July, commenting on the size of his fortune. “Those numbers go up and down, but what really matters is making great products that people love.”
Elon Musk (left) and Mukesh Ambani (right) are two of the biggest winners since March. Musk’s net worth has nearly tripled, while Ambani’s has almost doubled.
Yasin Ozturk / Anadolu Agency via Getty Images, Dhiraj Singh / Bloomberg
Another big winner in recent months is Mukesh Ambani, an Indian business magnate and president of Reliance Industries, whose telecommunications firm Reliance Jio has attracted billions of dollars in investment in 2020, including $ 5.7 billion from Facebook in April and $ 1.2 billion from the UAE sovereign Mubadala Wealth Fund in June. According to reports, Google is also interested in buying a stake. That, in turn, has helped drive a rise in Reliance’s stock price. Ambani is now the seventh-richest person in the world, worth $ 71.4 billion, nearly double his net worth in mid-March. The last time Ambani was in the top 10 was in 2011, with a fortune of $ 27 billion.
Also new to the top ten since March: Steve Ballmer, former CEO of Microsoft. Microsoft shares have risen a staggering 47% since mid-March, putting Ballmer at the world’s richest number 6, worth $ 72.1 billion.
Whiplash 2020: Shakeup in the Top 10
Musk and Ballmer join the upper echelon, while Buffett falls to his lowest rank in at least 20 years.
Of course, as some go up in range, others must go down, and some go up and down a lot. Bernard Arnault was worth $ 108 billion at the end of January. It fell to $ 76 billion in mid-March, as people worried about spending on luxury items. It is back at $ 111.1 billion, and number three in the world.
Despite just a $ 3.5 billion drop in his net worth since March, Warren Buffett, one of the most successful investors of all time, has lost four jobs and is now the eighth-richest person in the world. It is the lowest that Buffett has ranked in at least 20 years. The Waltons, the family behind Walmart, had three members, Jim Walton, Alice Walton and Rob Walton, who completed the top ten in mid-March. While its net assets on Tuesday actually increased $ 3 billion, those increases weren’t enough to keep them in place as others, such as Musk, Ambani, and Ballmer, moved ahead.
The only certainty with markets like this is that you can win and lose billions and get them back in a matter of hours.
