Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos‘ net worth increased by $5.7 billion to $266 billion on Wednesday, according to the Bloomberg Billionaires Index, after the e-commerce giant’s shares rose on plans to shut physical stores.

Until last week, six of the top 10 billionaires lost wealth weeks into 2026, but the Amazon founder gained $300 million.

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Bezos stands as the world’s third-richest person, just behind Google (NASDAQ:GOOG) (NASDAQ:GOOGL) co-founder Larry Page. The top title is still retained by Tesla (NASDAQ:TSLA) CEO Elon Musk with a net worth of $677 billion.

Amazon’s shares rose after it announced the closure of its Amazon Go and Amazon Fresh stores. The company will shift focus to its online same-day delivery service and plans to open more than 100 new Whole Foods locations in the coming years.

The company is not only expanding its fulfillment and delivery initiatives but also accelerating plans to open more physical stores to compete with Walmart (NYSE:WMT), Target (NYSE:TGT), and Costco (NASDAQ:COST).

Amazon is already expanding its grocery delivery footprint, putting pressure on competitors like Instacart.

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This article Jeff Bezos's Net Worth Jumps $5.7 Billion As Amazon Shares Rise On Plans To Shutter Stores originally appeared on Benzinga.com