As Amazon announced amazing results, Jeff Bezos gains $7 billion in an hour

As Amazon announced amazing results, Jeff Bezos gains $7 billion in an hour

Amazon CEO Jeff Bezos witnessed a massive jump in his personal wealth within an hour as investors cheered the amazing quarterly results. Amazon announced net income of 19 cents per share ($92 million) for the second quarter. Jeff Bezos became the fifth richest person in the world as Amazon stock jumped 18 percent in afterhours trading.

Forbes now ranks Jeff Bezos as the fifth richest person in the world with $50 billion net worth. Amazon has taken many steps to continue building on its consumer base. Recently, the company topped Black Friday sales with its Prime Day event announced on its 20 years in the market.

Seattle-based Amazon had reported $126 million loss for second quarter last year. With its drone delivery, Prime memberships and amazing discount events, Amazon has managed to remain the best place for online shopping. The company is also expanding in other countries, including India.

With the recent jump in Amazon stock, the retailer has zoomed past Wal-Mart to become the largest retailer in the world. Meanwhile, investors are happy about the performance of online retailer. We can expect analysts to rerate Amazon in days to come.