Jeff Bezos has a fortune estimated at $ 137.1 billion
Amazon.com shares rallied high and low yesterday, with investors questioning how the imminent divorce of the company’s founder, Jeff Bezos , will affect his grip on Wall Street’s most valuable company and its ambitious expansion plans.
Bezos, the wealthiest person in the world with a fortune estimated at $ 137.1 billion, said via Twitter earlier this week that he and his wife, MacKenzie , whom he has been married for 25 years, will divorce.
At 6:12 am yesterday, Amazon shares were up 0.4% on the Nasdaq electronic trading session.
The split calls into question how the couple will share the fortune, which includes about 16 percent market share of about $ 811.4 billion from Amazon.
The divorce laws in Washington, where the two live, determine that assets acquired during marriage are usually divided equally between the parties.
Most analysts and asset managers are optimistic and say the split will not dictate significant change in the company’s leadership or growth prospects. But Doug Kass, who runs hedge fund Seabreeze Partners, said he sold his share on Amazon after the divorce news. The move came after initially buying a slice at the end of December and putting Amazon on the “best ideas list”.
Robert Bacarella, portfolio manager for the Monetta fund, said that although he is not changing his investment in Amazon, he expects other market participants to reduce their holdings because of concerns about the impact of the divorce.
According to DA Davidson analyst Thomas Forte, doubts about the company’s future due to divorce are legitimate due to the influence of Jeff Bezos. If he leaves the company for any reason, the shares would likely fall immediately more than 10%, he said.