Latest News: Technology |  Celebrity |  Movies |  Apple |  Cars |  Business |  Sports |  TV Shows |  Geek

Trending

Filed under: News | Latest Business News

 

Jeff Bezos Net Worth Rises $1.4 Billion On Rumors Of 3-D Amazon Smartphone

Jun 6 2014, 2:45am CDT | by

11 Updates
Jeff Bezos Net Worth Rises $1.4 Billion On Rumors Of 3-D Amazon Smartphone
Photo Credit: Getty Images
 
 

YouTube Videos Comments

Full Story

Jeff Bezos Net Worth Rises $1.4 Billion On Rumors Of 3-D Amazon Smartphone

There’s nothing like rumors about new products to give a floundering technology stock a shot in the arm.

A day after Amazon announced it would be announcing a new product later this month, reports  suggested that the Seattle online retailing giant was about to unveil a smartphone with 3-D capabilities. That futuristic possibility alone sent the stock up more than 5.4% to close at $323.59 on Thursday.

The rise in Amazon’s stock, which has fallen more about 20% since its six-month high of $407.05 in mid-January, is likely a welcome sign for CEO Jeff Bezos , whose net worth rose $1.4 billion to $29.9 billion. He still remains the 20th richest person in the world, just below Google cofounder Sergey Brin , who maintains a net worth of about $30.2 billion. At Amazon stock’s six-month high in January, Bezos was worth more than $36 billion.

While there have long been rumors of an impending phone from Amazon, Wednesday’s announcement of the launch event added more justification to the conjecture. The announcement came with a website that allows Amazon users to sign up to attend the event as well as video of first-time users of an unknown device gushing with superlatives and using their hands to gyrate the gizmo, which is purposely held off-screen. The device will be presented in Seattle on June 18 at a location that has yet to be disclosed.

An Amazon spokesperson could not immediately be reached for comment.

The public market has reacted well to the rumors that Amazon may soon up the ante against the likes of Apple and Samsung. The company’s first six months have been defined by a declining stock price due to the underwhelming reaction to the company’s April launch of $99 digital television box, Fire TV, as well as the more recent spat with publishing giant Hachette over online book pricing.

The possibility of a phone, however, sent shares up–at least on Thursday–and would make Amazon’s device portfolio more complete as it looks to add to its successful line of Kindle Fire tablets. Its CEO, however, will know not to read much into day-to-day share prices. As stated in journalist Brad Stone’s book on Amazon, The Everything Store, Bezos was known to quote British investor Benjamin Graham: “In the short term, the stock market is a voting machine. In the long run, it’s a weighing machine.”

For Thursday at least, Bezos’ pockets will weigh a bit heaver.

Follow me on Twitter at @RMac18  or email me at rmac@forbes.com

 

iPad Air Giveaway. Win a free iPad Air.

You Might Also Like

Updates


Sponsored Update

Update: 11

The Fire Phone's So Pricey Because It Costs Amazon a Ton to Build

Source: Gizmodo

We wanted Amazon's recently released Fire Phone to be many things, but most importantly, we wanted it to be (relatively) cheap like all Amazon hardware. So when Jeff Bezos announced the Fire Phone's $650 price tag ($200 on contract), there was some definite sticker shock. Read mo ...
Source: Gizmodo  Full article at: Gizmodo 1 day ago, 11:25am CDT
 


Advertisement


Update: 10

The 5 Most Common Myths About 'Time Management'

Source: The Business Insider

The way we act — like spending 13 hours a week on email — suggests that we don't really know what we're talking about when we say "time management."  Over at Harvard Business Review, Amy Gallo pulled apart a handful of the most common myths about time management, including the feasibility of managing your time at all. Here are the takeaways.  Myth 1: That "time" is the most important thing. Jordan Cohe ...
Source: The Business Insider   Full article at: The Business Insider 1 day ago, 10:07am CDT
 

More From the Web

Update: 9

Amazon Might Launch Its Own Square-Competitor In August (AMZN)

Source: The Business Insider

Amazon may soon launch its own credit card reader similar to Square's, according to internal documents that 9to5Mac obtained from Staples, which would sell the proposed hardware. The documents show Staples will start stocking a new product called the Amazon Card Reader in August, which would cost $9.99 and be sold alongside other card readers like its own, PayPal's, and Square's.  Square's iconi ...
Source: The Business Insider   Full article at: The Business Insider 1 day ago, 9:39am CDT
 

Update: 7

What does Amazon care for losses? Its plan is for world domination

Source: The Guardian Technology

Jeff Bezos wants his customers to live in an Amazon world of books, films, and food. But he needs allies as well as ambition Continue read ...
Source: The Guardian Technology   Full article at: The Guardian Technology 2 days ago, 6:06pm CDT
 

Update: 6

There's A Major Revolution In The Book Industry That's Letting Novelists Make A Living

Source: The Business Insider

NPR reported Friday that authors are increasingly able to make a better living for themselves by ditching big-name publishers and selling their books themselves through Amazon. Self-publishing used to be associated with failure. But that stigma is going away as many authors say they're making more money through self-publishing than their counterparts doing it the traditionally more accepted way, according to NPR. The ...
Source: The Business Insider   Full article at: The Business Insider 3 days ago, 4:20pm CDT
 

Update: 5

Here's Why Amazon Says It Will Lose A Whopping $410-$810 Million This Quarter (AMZN)

Source: Business Insider

Amazon's stock is tanking after the company delivered disappointing Q2 earnings, including enormous predicted losses for next quarter of between $410 and $810 million. In its press release, Amazon said that about $410 million of that will go to stock-based compensation, but what about the other potential $400 million? In Amazon's earnings call, CFO Tom Szkutak explained several major contributors to the expected losses: Investment in Amazon Web Services, digital content, and the deve ...
Source: Business Insider   Full article at: Business Insider 4 days ago, 8:49am CDT
 

Update: 4

Amazon loss widens despite climbing sales

Source: Channel News Asia

SAN FRANCISCO: Internet retail titan Amazon on Thursday (July 24) reported a money-losing quarter despite impressive growth in sales, sending shares plummeting by more than nine per cent. The Seattle-based firm said that it had a net loss of $126 million in the quarter that ended June 30, widening the deficit from $7 million in the same period a year earlier.Sales, meanwhile, climbed to $19.34 billion in a 23 per cent rise from the second quarter of last year. Amazon shares ...
Source: Channel News Asia   Full article at: Channel News Asia 4 days ago, 7:57pm CDT
 

Update: 3

Amazon Stock Plummets After Q2 Earnings Miss

Source: Deadline

Shares are down 10.2% in post market trading after the e-retailer reported a far bigger Q2 loss than investors expected. Amazon lost $126M, up from a $7M loss in the period last year, on revenues of $19.3B, +23.2%. The top line was right on target with analysts’ consensus forecast. But the loss at 27 cents a share far exceeded the 15 cent loss the Street anticipated. What’s more, Amazon warns that it could lose as much as $810M on an operating basis i ...
Source: Deadline  Full article at: Deadline 4 days ago, 5:34pm CDT
 

Update: 2

DRONES: Commercial Drones Are Becoming A Reality, With Huge Impacts For Many Industries

Source: Business Insider

Not too long ago, when most people heard the word “drones,” they thought of unmanned military aircraft engaged in highly controversial clandestine operations. But when Jeff Bezos announced that Amazon was testing the idea of delivering packages via drones, he made drones with popular commercial application suddenly seem like a viable proposition. While drones are unlikely to become a part of our daily lives ...
Source: Business Insider   Full article at: Business Insider 6 days ago, 11:10am CDT
 

Update: 1

Review roundup: Fire Phone is good for Amazon, but doesn't stack up to competitors

Source: AppleInsider

As e-commerce behemoth Amazon gears up for the release of its first-ever smartphone on Friday, technology journalists have begun to weigh in with their thoughts on the device -- and the returns don't look good for Jeff Bezos ...
Source: AppleInsider   Full article at: AppleInsider 6 days ago, 10:44am CDT
 

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/31" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

 

Comments

blog comments powered by Disqus

Latest stories

Serena Williams Says Wimbledon Virus Left Her In Bed for Three Days
Serena Williams Says Illness at Wimbledon Left Her In Bed for Three Days
"I was really scared after because I didn't realize how I felt until later..."
 
 
Jodie Foster to Direct George Clooney
Jodie Foster to Direct George Clooney
Jodie Foster will direct an indie movie titled Money Monster starring no other than George Clooney.
 
 
Borderlands The Pre-Sequel Pre-order Now Available
Borderlands The Pre-Sequel Pre-order Now Available
Already has a substantial discount
 
 
$499 iPad Air or iPad Air 2 Giveaway
$499 iPad Air or iPad Air 2 Giveaway
I4U News is celebrating summer with an iPad Air Giveaway. Claim your chances now to win a free iPad Air - a $499 value! Enter the I4U News iPad Air Giveaway now.
 
 
 

About the Geek Mind

The “geek mind” is concerned with more than just the latest iPhone rumors, or which company will win the gaming console wars. I4U is concerned with more than just the latest photo shoot or other celebrity gossip.

The “geek mind” is concerned with life, in all its different forms and facets. The geek mind wants to know about societal and financial issues, both abroad and at home. If a Fortune 500 decides to raise their minimum wage, or any high priority news, the geek mind wants to know. The geek mind wants to know the top teams in the National Football League, or who’s likely to win the NBA Finals this coming year. The geek mind wants to know who the hottest new models are, or whether the newest blockbuster movie is worth seeing. The geek mind wants to know. The geek mind wants—needs—knowledge.

Read more about The Geek Mind.