Despite most brick-and-mortar retailers using hefty discounts to lure shoppers during Thanksgiving and Black Friday events, online sales still hit all-time highs. And Amazon, the world’s largest online retailer, dominated those sales, accounting for 45 to 50% of Black Friday revenues, according to market research firm GBH Insights.
In a 24-hour span, the Seattle-based tech giant hauled in more than $1 billion in sales. The company said that orders via mobile devices grew more than 50% on Thanksgiving day. Investors wasted no time doing the math, projecting what is poised to be a spectacular holiday season for Amazon, sending AMZN stock soaring to all-time highs Monday, reaching $1,213.41.
Amazon shares have risen 60% year-to-date, including more than 26% over the past three months, besting the 6.5% three-month rise of the S&P 500 index. Just this year alone, those returns have boosted Bezos' wealth by 53%.
In the process, Bezos’ net worth, which is almost all tied to AMZN stock, broke above $100 billion Monday for the first time, according to the Bloomberg Billionaires Index. He surpassed the previous leader, Bill Gates, who, according to Forbes, is worth around $90 billion. And there’s seemingly no signs of slowing down.