Amazon has officially reached the $500 billion mark as its market cap exceeds half a trillion in profits. The company’s updated value put its CEO Jeff Bezos above Microsoft co-founder Bill Gates as the richest man in the world for only a few hours last week.
As a result of the 2.4% rise in Amazon’s stock price, Bezos’ net worth was said to be around $90.7 billion, which surpassed Bill Gates’ net worth of $90 billion. Experts say Amazon’s dominance is only the beginning and that the company has a great deal of potential in the years to come.
Benjamin Schachter at Macquarie claims Amazon “will be the most valuable company on the planet one day” and “upped its price target to $1,130 from $1,060.” Bezos owns 17% of Amazon’s stocks, so his potential net worth is only set to increase if the company continues to show successful earnings in the years to come. Additionally, analyst Ross Sandler wrote the following in a note to clients:
“AMZN is on the winning side of the biggest TAMs [total addressable markets] & lowest penetration shifts in consumer internet & enterprise (e-commerce, cloud & new areas like video, IoT [internet of things], AI), and has more runway than just about any other company. AMZN is likely to be one of the first trillion-dollar market cap companies; it’s just a question of when, not if, in our view.”
The analyst’s price target for the company is near $1,120, which represents a 31 percent upside from Tuesday’s close, per CNBC. Also, in a report from FactSet, Amazon has currently valued at a staggering $409 billion. Bezos has truly led the company to an unbelievable amount of success, and the numbers seem to only be looking up from this point on.
Mohammad Sultani for TechFunnel.com