These 10 Billionaires Gained $55 Billion This Week As Retail And Tech Stocks Surged.
Weeks into the coronavirus-induced market rout, the first round of economic stimulus relief in the United States coincided with lofty stock gains for companies reaping the benefits of changing consumer habits. A testament to the new normal, shares of quarantine staples like Amazon and Netflix reached record highs this past week, as millions remain indoors amid statewide shutdowns. Though the Dow Jones Industrial Average and the S&P 500 edged up less than 2% from Thursday April 9 through Thursday April 16, the fortunes of the top 10 billionaire gainers—all of whom derive their wealth from retail or technology stocks—jumped a combined $55 billion, or 11%, over the same period.
The world’s richest person, Jeff Bezos, and his ex-wife MacKenzie Bezos were the biggest dollar gainers in the week through April 16, as Amazon shares surged 18% and nabbed their highest close ever on Thursday. The stock first popped on Tuesday after the Seattle-based e-commerce giant said it would hire 75,000 workers as a result of booming demand from consumers urged to stay at home. Jeff and MacKenzie Bezos are now worth $145 billion and $47 billion, up $20.3 billion and $7.1 billion for the week, respectively.
Stocks of some of retail’s legacy players also spiked over the week. Walmart shares hit an all-time high on Thursday after millions of Americans received up to $1,200 per person to combat the coronavirus pandemic’s economic toll. Shares rose 9% in the week through April 16, and the fortunes of Alice, Jim and Rob Walton, the children of Walmart founder Sam Walton, are each up roughly $3.8 billion. Combined, the siblings are worth close to $174 billion, or about $58 billion each.
Two Chinese billionaires are among the top gainers as the country continues to recover from the pandemic. Colin Zheng Huang, the founder and CEO of online discount retailer Pinduoduo, is now worth $21.4 billion after a $2.1 billion bump. Shares of his Shanghai-based e-commerce platform climbed 10% over the week and are back near their record high from November. The firm’s stock has steadily risen since it announced on March 31 it had raised $1.1 billion in a private placement to continue its expansion, despite below-expected revenue growth and expected losses due to the coronavirus outbreak.
Meanwhile, William Lei Ding of Nasdaq-listed internet and gaming company NetEase added $2 billion to his fortune while gaming firms worldwide rally thanks to more people staying at home with free time to burn. NetEase’s stock surged 11% over the past week, lifting Ding’s net worth to $22.4 billion.