Mark Zuckerberg, Jeff Bezos Have Made $6 Billion Each Since Wednesday’s Congressional Hearing

Wednesday’s hearing on potential antitrust issues did little to scare investors away from Facebook and Amazon — helping the two CEOs to add billions to their fortunes

Last Updated: July 31, 2020 @ 4:52 PM

Amazon CEO Jeff Bezos and Facebook CEO Mark Zuckerberg’s bank accounts haven’t suffered in the few days following their virtual testimony before Congress. In fact, they’ve actually tacked on billions of dollars to their fortunes in the last two days.

Zuckerberg added about $7 billion to his net worth on Friday, according to Bloomberg’s Billionaires Index, as Facebook’s stock rocketed higher a day after the company reported Q2 revenue and earnings that topped Wall Street’s projections. The 36-year-old is now worth an estimated $96 billion.

At the same time, Bezos was $6.3 billion wealthier by the end of Friday’s trading session as well, after Amazon’s share price increased 3.7% on the day. Like Facebook, Amazon’s stock jump came after the e-commerce giant reported a $88.9 billion in Q2 sales, easily lapping analyst projections. 

Both Bezos and Zuckerberg also enjoyed modest gains — at least relative to Friday’s surge — on Thursday, one day after they testified in front of Congress for six hours.

If Amazon’s Wall Street run continues next week, Bezos could be the first person to hit $200 billion in net worth; right now, his fortune stands at $188 billion, per Bloomberg.

The hearing aimed to see if Amazon and Facebook, along with Apple and Alphabet, Google’s parent company, have used anti-competitive practices to build their businesses and hamper their rivals. But the hearing touched on a number of topics as well, including social media censorship, China, and even spam emails, vacillating between the serious and the bizarre for much of Wednesday afternoon. To read a full recap of the hearing, go here.

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