amazon CEO jeff bezos increases networth by $24 billion during coronavirus

the networth of jeff bezos has increased by nearly 5% after experiencing unprecedented demand amid widespread coronavirus-related shutdowns during the last four months. the e-commerce giants stock hit a new all-time high on tuesday, making the amazon CEO richer to the tune of $23.6 billion in 2020.

the surge in stock value, which hit a new record close to $2,283 per share, makes amazon the first major company to rebound from the coronavirus market selloff. despite the coronavirus downturn and widespread business shutdowns, amazon has hired thousands more staff to deal with demand, benefiting from an increase in demand from consumers who are following social distancing measures and staying at home.

as a result, online shopping has rocketed, and although amazon temporarily paused the shipping of non-essential items, demand for medical and household items secured a steady stream of orders. according to the bloomberg billionaires index, bezos is one of the few billionaires to have seen an increase to his net worth since the beginning of 2020.

since the virus outbreak in the united states, orders have increased dramatically as residents are stocking up on household essentials and othttps://static.designboom.com/wp-content/uploads/2020/03/amazon-medical-supplies-designboom-1800.jpgher basic goods. in response, amazon said it would change their logistics, transportation, supply chain, purchasing and third party seller processes to prioritize stocking and delivering essential items like staples, sanitizers, baby formula and medical supplies. to help protect his employees from the virus, bezos also announced that the company had ordered millions of masks for its workers and will implement safe social distancing at work environments.

jeff bezos
all images courtesy of amazon

this week, the retail giant announced it would resume shipping non-essential items into its warehouses. amazon wants an additional 175,000 workers to meet demand even though it has been criticised by employees in the US over workplace protection against the coronavirus. this week business insider confirmed the first death of a warehouse worker from COVID-19.

according to reports, amazon has implemented various safety measures inside its warehouses including a 6-foot distancing rule, temperature checks and sanitary supplies including hand wipes for workers. still, multiple amazon warehouse workers have told business insider it is impossible to practice social-distancing measures inside warehouses and sanitary supplies frequently run out.