Amazon's Jeff Bezos breaks his own wealth record _ US unemployment reaches nearly 50 MILLION

• 2020-07-11
• Traiding Idea

Amazon's Jeff Bezos breaks his own wealth record

Amazon founder Jeff Bezos is getting richer by the week thanks to his company's stock market performance. His net worth has increased by another $ 10 billion over the past week and now stands at a record $ 183 billion.

Amazon market cap skyrocketed to $1.54 trillion. The company's stock rose 3 % to $ 3,081. The superiority of Bezos' position in the global rankings of billionaires continues. He has the highest net worth in the world in four decades.

Bezos's wealth is now greater than the gross national product of most countries. According to the World Bank, the billionaire is now richer than Kazakhstan, the richest country in Central Asia with a population of more than 18 million. Bezos' fortune is now close to Qatar's GDP, which was $ 183.5 billion last year.

E-commerce has been booming in most countries around the world amid coronavirus lockdowns. As people switched to online shopping, Amazon sales in the first quarter rose 26 % to $ 75.5 billion.

But the company's online profit has fallen in the same period. Amazon has warned that their profitability could be further reduced due to rising coronavirus-related expenses.

US unemployment reaches nearly 50 MILLION

The latest data from the US Labor Department show that another 1.3 million Americans have applied for unemployment benefits by the end of July. The coronavirus pandemic is still rising in the United States.

According to the report, the initial jobless claims has increased to about 1.31 million, which is 500,000 less than last week.

The number of new filling for the sixteenth consecutive week has exceeded one million. Thus, the total number of people who lost their jobs during the Corona crisis has reached about 50 million.

Analysts expect the number of people applying for unemployment benefits in the United States to reach 18.8 million, down from 19.3 million last week.

With the reopening of the US economy, 4.8 million jobs were created in June.

While President Donald Trump claims these figures show the national economy is roaring back, the resurgence of the coronavirus pandemic in some states will trigger a second wave of layoffs.