Billionaire Bezos’ cash bonanza
Amazon CEO makes $3.3 billion in a few hours
Evan Blake and Eric London
5 June 2017
Last Thursday evening, Amazon’s billionaire CEO Jeff Bezos made $3.3 billion when the tech giant reported its eighth consecutive profitable quarter, adding $50 a share to the value of its stock in after-hours trading.
To acquire $3.3 billion, a US Amazon worker making the average $12.41/hour would have to work 133,064 years—roughly the length of time modern humans have lived on earth. It would take Amazon workers in China, Brazil, India, and Mexico who are paid even lower wages much longer than that.
If the entire 200,000 person Amazon workforce in the US began working on January 1 at this wage, they would make a collective $3.3 billion in wages only at the end of August. A US warehouse worker would have to work almost two weeks just to make enough to buy a single share of Amazon stock (worth about $940)—and that’s before tax!
Bezos’s evening bonanza brings his net worth to $80.6 billion, making him the third wealthiest person on earth. Bezos is poised to become the world’s richest person by year’s end.
Among the world’s billionaires, Bezos has experienced the largest growth in his personal wealth so far this year, adding $15.3 billion since January 1, according to the Bloomberg Billionaires Index. Over the past year, Bezos has earned $22.4 billion, and in the last five years he has earned an astounding $62.5 billion.
To put this in perspective, the Stockholm International Peace Research Institute estimates that it would cost roughly $51 billion—$11.5 billion less than Bezos has earned in five years—to provide access to water and sanitation for the entire global population, which would save millions of lives annually.
The average Amazon…