Jeff Bezos’ Wealth Surges to New Record After Pentagon Cancels JEDI Contract With Microsoft

Jeff Bezos has now anchored his position as the world’s wealthiest person in modern history, after the Pentagon cancelled a cloud-computing contract with Microsoft, sending rival Amazon shares soaring.

Shares of Amazon rose nearly 5% following the Pentagon’s announcement, causing Bezos’ wealth to skyrocket by 48.4 billion on Tuesday. Although Bezos had officially abdicated his CEO position with Amazon earlier in the week, his remaining 10.3% in the company now puts his total net worth at a whopping $211 billion— the highest on Bloomberg Billionaire Index records dating back to 2012.

On Tuesday, the Pentagon announced that it will be cancelling the Joint Enterprise Defense Infrastructure (JEDI), a cloud-computing contract worth $10 billion, which was awarded to Microsoft in 2019. “With the shifting technology environment, it has become clear that the Jedi Cloud contract, which has long been delayed, no longer meets the requirements to fill the DoD’s capability gaps,” explained the US Department of Defense.

Amazon has complained on numerous occasions that the Pentagon’s choice to give the contract to Microsoft was politically motivated, given that the decision was spearheaded by the Trump administration at the time. The contract was even temporarily put on hold, as Amazon filed a lawsuit alleging that Trump pushed defense officials to award the contract to Microsoft due to the former president’s hostility towards Bezos-owned Washington Post.


Information for this briefing was found via the Department of Defense and Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Amazon Posts US$469.82 Billion In Net Sales In 2021

Amazon.com, Inc. (Nasdaq: AMZN) reported on Thursday its financial results for Q4 and full-year 2021....

Friday, February 4, 2022, 10:56:00 AM

Microsoft: BMO Cuts Target To $270 After Weak Q1 Earnings

Microsoft (Nasdaq: MSFT) last week released their first quarter results for fiscal 2023, which ended...

Sunday, October 30, 2022, 01:31:00 PM

Elon Musk Becomes Richest Person in the World, Surpassing Jeff Bezos

Flying roofs, faulty suspensions, Giga-sweatshop disasters, and environmental concerns aside, Elon Musk, the strident entrepreneur...

Thursday, January 7, 2021, 05:17:58 PM

Microsoft Unveils its own Version of Metaverse in Effort to Surpass Facebook in Virtual Reality Space

Tech company Microsoft (NASDAQ: MSFT) has decided to create its own version of a metaverse,...

Thursday, November 4, 2021, 02:50:00 PM

WaPo Hemorrhages 8% of Subscribers Over No-Endorsement Policy

The Washington Post is facing major disruption after owner Jeff Bezos’s decision to block the...

Tuesday, October 29, 2024, 10:37:38 AM