Amazon's Stock Surge To Record High a $2.7 Billion Gain For Jeff Bezos
Amazon.com Inc.'s stock surged 3.6% in premarket trade Friday, putting it on track to set an all-time high at the open, after the e-commerce giant reported better-than-expected first-quarter results. The stock changed hands at $951.64 ahead of the open, above Thursday's record close of $918.38 and above the April 5 record intraday high of $923.72. With about 490 million shares outstanding at the end of the first quarter, the stock's price gain of $33.26 would about $16.3 billion to Amazon's market capitalization. The gain would also add about $2.7 billion to founder Jeff Bezos's pocket, as he is the largest shareholder with about 80.9 million, or 17% of the shares outstanding, according to FactSet. The stock had run up 22% year to date through Thursday, while the S&P 500 had climbed 6.7%.
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