Wealth of Amazon’s Bezos Surpasses $100bn Amid Black Friday Boost


For most shoppers, Black Friday is an opportunity to save some money by landing a bargain.

However, as most of us look for the best deals, one man has come out on top, and by several billion dollars.

On Friday, Jeff Bezos, the founder of Amazon became the only person with a fortune that is worth $100bn (£75bn), seeing his wealth increase by $2.4bn thanks to a 2 percent rise in the shares of Amazon.

Bezos is the first person to hit that said level since Bill Gates, the founder of Microsoft, in 1999.

The rise to $100.3bn is partly attributed to the clamour of customers for Black Friday deals as for this week alone, shares of Amazon have gone up 5 percent.

According to Adobe Analytics, Black Friday online sales increased by 18.4 percent from that of 2016, while the projected total final spend is $5bn.

10 percent of retail sales in the United States are done online, and Amazon had a 43 percent share of that in 2016.

The firm maintains to extend its reach, as it moved into the grocery shopping sector this year with the acquisition of Wholefoods.

Despite being a hit with many consumers, concerns persist regarding the effect of Amazon on smaller businesses and independent traders.

The company has also been criticised regarding its tax arrangements.

Last month, the European Commission ordered it to pay back taxes amounting to around €250m (£220m) after discovering that it had benefited from an illegal sweetheart deal with Luxembourg.

However, as the company continues to grow, Bezos has seen his wealth rise by $32.6bn in 2016 alone.

The said increase outstripped anyone else on the Billionaire’s Index of Bloomberg and edged Bezos ahead of Bill Gates as the richest person in the world in July.

Gates is currently second in the Index with $89.1bn, followed by Warren Buffet with $78.7bn and Armancio Ortega of Spain with $75.9bn.