Dr. Evil got a lot richer this year
Just days after Apple became the first Trillion dollar company, Amazon joined the elite club.
Amazon.com Inc. on Tuesday briefly reached a stock market value of $1 trillion. It’s a meaningless (and unoriginal) milestone but a notable symbol for a company that until recently hardly looked like a world-shaking giant. Amazon’s market cap is six times what it was at this point in 2014, or a gain of $840 billion. It took Google 14 years to reach that stock market value, and Amazon has padded its total by that much in just the last four.
No one benefited more from this record run (adding $434 billion to its market cap in 2018 alone) than Dr. Evil himself.
No one has benefited more than founder Jeff Bezos, who has added $67 billion to his fortune this year, giving him a $167 billion net worth on the Bloomberg Billionaires Index as of 12:30 p.m. in New York on Tuesday.It’s more than the entire market capitalization of FedEx Corp.
Bezos’s gain this year alone would make him the seventh-richest person on Earth, ahead of Mexico’s Carlos Slim and Alphabet Inc.’s Larry Page and Sergey Brin.
It’s about the equivalent of Walt Disney Co.’s blockbuster bid for most of the assets of 21st Century Fox Inc.
His wealth has increased by an average of about $8 million an hour in 2018.
It’s roughly 10 times Amazon’s total net income since it went public in 1997.
The 499 other billionaires on the Bloomberg ranking have added a net combined $8.3 billion to their fortunes this year.
I highlighted the one that matters.
Amazon is paper-rich. It doesn't actually produce wealth, other than speculative wealth.
Comments
I guess you could say Austin Powers predicted it.
[video:https://www.youtube.com/watch?v=jTmXHvGZiSY]
Modern education is little more than toeing the line for the capitalist pigs.
Guerrilla Liberalism won't liberate the US or the world from the iron fist of capital.
As near as I can figure, Amazon's shares are overvalued
by a factor of at least 5, and probably closer to 10.
In other words, the company's market cap should be somewhere between 100 billion and 200 billion.
Their gross sales last year were over 170 billion, but their net income was only 4 billion before income taxes, 3 billion after. This year, things are looking good, they might net 5 billion after taxes. For the company to be worth a trillion dollars, they'd need to be netting 50 billion, implying sales somewhere between maybe 800 billion and 1.7 trillion. Uh. Okay.
Irrational exuberance , anyone?
The earth is a multibillion-year-old sphere.
The Nazis killed millions of Jews.
On 9/11/01 a Boeing 757 (AA77) flew into the Pentagon.
AGCC is happening.
If you cannot accept these facts, I cannot fake an interest in any of your opinions.
What is evil here:
Is allowing your economy to be played like a game of Monopoly.
Every child in America grows up knowing how Monopoly ends, every.single.time.
Society simply grew too stupid to protect itself from a well-known evil.
“Governance begins by enriching the people;
....and it ends by impoverishing them.”
— Chinese aphorism
Yep
It's obscene that anyone is allowed to have that much money when wealth inequality is as high as it is. $67 billion in less than a year. While his workers make less in a year than he does in 30 minutes.
The message echoes from Gaza back to the US. “Starving people is fine.”
When Bernie suggested that Bezos helps pay for his workers
who are on social programs because he doesn't pay them a living wage a number of people came to Bezos' defense and told Bernie to butt out. I wonder how many of them are the ones who bitch about people being on them in the first place?
The message echoes from Gaza back to the US. “Starving people is fine.”