Ursula von der Leyen – Bezos, Zuckerberg $ 18 billion richer than Tech Stocks rally in Biden‘s early days
THE RICHEST FORTUNES IN THE WORLD
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The richest person in the world, Jeff Bezos, has had a great week. The CEO of Amazon grew rich by $ 10 billion, bringing his net worth to $ 191.5 billion. He has a $ 8.3 billion lead over Tesla CEO Elon Musk (net worth: $ 183.2 billion), who briefly held # 1 this month before falling back to # 2. Even better for Bezos? His boost this week comes in part from the departure of Donald Trump, constant critic of Amazon and the Washington Post, owned by Bezos.
President Joe Biden was inaugurated on Wednesday, propelling tech actions towards optimism over the Covid-19 vaccine and his administration’s stimulus plans. Amazon ended the week up 6.1%, Facebook gained 9.2%, and parent company Google Alphabet rose 9.5%, beating the weekly gains of the S&P and the Dow Jones Industrial Average by 2% and 0.5% respectively.
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On the day of the inauguration, Amazon executive Dave Clark sent a letter to Biden offering Amazon resources to help distribute the vaccine. “We are ready to leverage our operations, information technology, communications capabilities and expertise to aid your administration’s immunization efforts,” he wrote. Clark also took the opportunity to advocate for prioritizing immunizations for Amazon’s 800,000 employees, most of whom are essential frontline workers.
Facebook CEO Mark Zuckerberg (net worth: $ 100.4 billion) earned $ 7.9 billion this week, not only thanks to the general optimism around the new administration, but also because of the increased confidence of Wall Street in the social media giant. BMO Capital Markets analyst Daniel Salmon revalued the stock on Tuesday, citing the strength of Facebook’s e-commerce platform and an expectation of fewer obstacles in its ad targeting activity going forward. He set his target price at $ 325, about 18% above the stock’s current price.
Google co-founders Larry Page (net worth: $ 83 billion) and Sergey Brin (net worth: $ 80.6 billion) earned $ 6.6 billion and $ 6.3 billion respectively on the tech stocks rally. But it wasn’t all good news for Google this week. The company has decided to shut down Loon, its effort to bring high-speed internet to remote areas of the world using balloons. It also faces an ongoing antitrust lawsuit filed by 10 states, which accuses Google of colluding with Facebook to capture the online advertising market. Google asked that the lawsuit be moved to California from Texas, where the lawsuit has been filed. If the company achieves its wish, it could face a more tech-savvy jury.
European stocks also rose during Biden’s inauguration, fueled by hopes the new president will mend the strained relationship by the former president. The President of the European Commission, Ursula von der Leyen, went so far as tweeting wednesday that “the United States is back”. Bernard Arnault, chairman of luxury conglomerate LVMH and the richest man in Europe, got richer by $ 5.6 billion this week.
HERE ARE THE BIGGEST BILLIONAIRE WINNERS THIS WEEK. The change in net worth is from the Friday January 15 market near the Friday January 22 market close.
NET WORTH | 191.5 BILLION DOLLARS, 10 BILLION DOLLARS IN THE COUNTRY | UNITED STATES SOURCE OF WEALTH | AMAZON
NET WORTH | 100.4 BILLION DOLLARS, UP 7.9 BILLION IN THE COUNTRY | UNITED STATES SOURCE OF WEALTH | FACEBOOK
NET WORTH | $ 83 BILLION, UP $ 6.6 BILLION IN THE COUNTRY | UNITED STATES SOURCE OF WEALTH | GOOGLE
NET WORTH | $ 80.6 BILLION, UP $ 6.3 BILLION IN THE COUNTRY | UNITED STATES SOURCE OF WEALTH | GOOGLE
NET WORTH | 150.1 billion dollars, + 5.6 billion dollars in the country | FRANCE SOURCE OF WEALTH | LVMH
NET VALUE | …
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