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Jeff Bezos' fortune hits record $211 bn, and the reason is Pentagon!

Jeff Bezos' fortune hits record $211 bn, and the reason is Pentagon!

Pentagon said on Tuesday that it was cancelling a $10 billion cloud-computing contract awarded to Microsoft in 2010 after many years of squabbling between the government and some of the biggest US tech giants over the deal

Jeff Bezos's record haul is larger than a 2020 Amazon stock swell when his fortune touched $206.9 billion Jeff Bezos's record haul is larger than a 2020 Amazon stock swell when his fortune touched $206.9 billion

Jeff Bezos' net worth hit an all-time high of $211 billion on Tuesday after Amazon.com Inc. shares climbed 4.7% following Pentagon's announcement that it was annulling a cloud-computing contract with Microsoft Corp. 

The rally in Amazon's shares led to a rise in Bezos's fortune by $8.4 billion, as per the Bloomberg Billionaires Index. The last time anyone in Bloomberg's ranking closed in on this amount was in January when Tesla Inc's CEO Elon Musk briefly touched $210 billion. 

Bezos and Musk spent the first part of the year swapping the top spot as the world's richest person, but the former has cemented his hold on the numero uno position since mid-March as Amazon shares rose almost 20% during the period.

Also Read: Fashion mogul Bernard Arnault briefly displaces Jeff Bezos as world's richest man

Surging stock prices in recent months have boosted the wealth of a clutch of tech heavyweights comprising Musk. 

He follows Bezos with a $180.8 billion net worth even as Tesla shares dipped on Tuesday. Bernard Arnault, who founded luxury group LVMH that owns Louis Vuitton, Dior and Hublot, is third at $168.5 billion. 

Bezos's record haul is larger than a 2020 Amazon stock swell when his fortune touched $206.9 billion as the COVID-19 pandemic invigorated the company's price. 

Bezos officially stepped down as Amazon's CEO this week following a 27-year run. He still owns around 11% of the company and functions as Amazon's executive chairman.

Also Read: Elon Musk dethrones Jeff Bezos again, becomes world's richest person after SpaceX round

Pentagon said on Tuesday that it was cancelling a $10 billion cloud-computing contract awarded to Microsoft in 2010 after many years of squabbling between the government and some of the biggest US tech giants over the deal. 

The decision suggests Pentagon plans to divide the work between Microsoft and Amazon.