Amazon CEO Jeff Bezos Is No Longer World’s Richest Man, Bill Gates Reclaims Lead in Few Hours

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Amazon CEO Jeff Bezos’ net worth was about $90.6 billion when the market opened on Thursday, while that of Bill Gates was about $90.1 billion.

Amazon CEO Jeff Bezos Is No Longer World’s Richest Man, Bill Gates Reclaims Lead

Washington, July 28: Amazon CEO Jeff Bezos briefly surpassed Microsoft co-founder Bill Gates to become the world’s richest man, as stock in his e-commerce company hit an all-time high, making him $1.5 billion overnight. In just a matter of few hours, his fortune reportedly grew to over $90 billion. However, Bill Gates reclaimed the lead position by afternoon, as Amazon’s stock fell nearly 1 per cent for the day to $1,046. According to lists compiled by Forbes and Bloomberg, Bezos is now in the number 2 slot. As per Forbes, Bezos is now the “seventh person to hold the title of the world’s richest person and the third American to top the global ranks beside Gates and Berkshire Hathaway CEO Warren Buffett”.

For a few hours, Bezos was the richest man alive, the position previously been claimed by Mexican business magnate Carlos Slim, Spanish business tycoon Amancio Ortega and American investor, and philanthropist Warren Buffett – though most of the time, the position has firmly been held by Bill Gates.

Amazon shares hit an all time high of $1,083.31 at about Thursday noon. According to security filings, Bezos owns 17 per cent shares, which valued at more than $87 billion at the peak. According to Forbes, Bezos’ net worth was about $90.6 billion when the market opened on Thursday, while that of Gates was about $90.1 billion. (Read More: Amazon Founder Jeff Bezos is World’s Richest Man, Surpasses Bill Gates)

“Amazon stock opened up 1.6% on Thursday, adding $1.4 billion to Bezos’ net worth. That was enough to put him ahead of Gates, who was last surpassed on Forbes’ real-time rankings for just two days nearly a year ago by Spanish retail giant Amancio Ortega,” writes Forbes.

Changes in Bezos’ fortune concurred with Amazon’s report of a 77 percent decline. Amazon’s shares fell by 2 per cent. Amazon said it earned $197 million in the second quarter, down from $857 million a year ago. (Also Read: Amazon Reaches For Millions in Southeast Asia’s Cyberspace)

Explaining the difference between the two businessmen, Forbes writes: “Bezos would be nowhere close to being the world’s wealthiest person had Gates not given so much of his fortune to philanthropy. Gates, who created the Giving Pledge with Buffett to encourage billionaires to give at least half of their wealth to charitable causes, had given away $31.1 billion over the course of his lifetime through the end of 2016. Forbes estimates that Bezos, who has not signed the pledge, had given approximately $100 million to charity through the end of 2015.”

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