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- Aug 20, 2006
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I am sure that Bill will still be able to get some quality sleep tonight, but many are reporting that Jeff Bezos now has more money than him. Gates has been the world’s richest person for a number of years, but a surge in Amazon’s stock has changed that: Bezos now has a net worth of $90.9 billion, versus $90.7 billion for Gates. The Amazon CEO was “only” the fourth-wealthiest person at the beginning of this year.
“Amazon Prime is why so much physical retail is going away,” said Michael Pachter, a Wedbush Securities Inc. analyst who has a buy rating on the stock and a price target of $1,250. “Anyone who joins Prime shops in retail stores 10 percent less, and that number will keep accelerating as Amazon adds more inventory.” Investors also monitor Amazon’s cloud-computing division, Amazon Web Services, a fast-growing and profitable business that accounts for about 10 percent of revenue. Amazon leads the cloud-computing industry, but faces increasing competition from Microsoft and Google parent Alphabet Inc.
“Amazon Prime is why so much physical retail is going away,” said Michael Pachter, a Wedbush Securities Inc. analyst who has a buy rating on the stock and a price target of $1,250. “Anyone who joins Prime shops in retail stores 10 percent less, and that number will keep accelerating as Amazon adds more inventory.” Investors also monitor Amazon’s cloud-computing division, Amazon Web Services, a fast-growing and profitable business that accounts for about 10 percent of revenue. Amazon leads the cloud-computing industry, but faces increasing competition from Microsoft and Google parent Alphabet Inc.