Amazon.com, Inc. AMZN Chief Executive Officer Jeff Bezos added $13 billion to his wealth on Monday, according to the Bloomberg Billionaires Index.

What Happened

This is the largest single-day gain in the net worth of an individual recorded by the index since it was created in 2012, Bloomberg noted.

Amazon’s shares rose nearly 8% on Monday to close at $3,196.84, the highest single-day gain since December 2018.

The e-commerce company's shares surged after a Goldman Sachs analyst upgraded the price target at the stock to $3,800 per share. Online shopping is also seeing positive trends, according to Bloomberg.

The 56-year old’s reported net worth of $189 billion is now more than companies like Exxon Mobil Corporation XOM, Nike Inc NKE, and McDonald’s Corp MCD.

The Amazon founder's former wife Mackenzie Bezos also saw a rise of $4.6 billion in her net worth on the day, making her the 13th richest individual in the world.

Why It Matters

Bezos, the world's richest person, has added over $74 billion to his fortune this year alone, as the demand for Amazon products and services saw a significant increase in demand during the COVID-19 pandemic.

The surge in business for Amazon is accompanied by criticism and regulatory scrutiny over an alleged lack of protection provided to at-risk workers during the outbreak.

Photo Courtesy: U.S. Secretary of Defense on Flickr.