Science

Jeff Bezos Just Dropped Back Down to the World's Second-Richest Person

Jeff Bezos Just Dropped Back Down to the World's Second-Richest Person

That may sound like a odd way to describe the Amazon founder and CEO Jeff Bezos on the day when he eclipsed Bill Gates and became the world's richest man.

For some historical context, on the day Amazon went public back in 1997, Jeff found himself with a net worth of $12 billion thanks to Amazon's $18 closing stock price.

While most of the wealth generated by Gates is through Microsoft, which has seen new heights as well lately. Bezos added more than $24 billion in net worth since January 2017, according to Bloomberg.

Messrs Zuckerberg and Bezos each gained about $25bn in net worth this year due to rising technology sector share prices.

Analysts and investors will particularly be monitoring the performance of the company's cloud-computing division, Amazon Web Services, which accounts for about 10 per cent of revenue, as well as how Prime has progressed.

Bezos, who is 53 years old, owns around 17 percent of Amazon.com Inc.

Bezos has added tens of billions of dollars in wealth - at least on paper - over the previous year as Amazon shares surged more than 40 per cent during that period.

USA stock market opens with records
The Commerce Department reported that sales climbed 0.8% in June to a seasonally adjusted annual rate of 610,000. Telecommunications were the best performing sector, propelled higher by a 5% gain in AT&T after its results.

When Jeff Bezos was a kid, he spent his summers castrating cows on his grandparent's ranch and working the grill at McDoland's.

Drew Herdener, a spokesperson for Amazon, declined to comment on Bezos' move to the top of the Forbes list.

According to a real-time billionaires index compiled by Forbes, the rise pushed the value of Bezos's fortune to $91bn (£69bn) - compared with Gates' wealth of $90bn. As if that isn't enough, Bezos also owns The Washington Post and aerospace manufacturer and spaceflight company Blue Origin, and has made some dough from the sale of securities.

Soaring tech stocks, which by some measures have passed their dotcom peak, have also boosted the fortunes of Mark Zuckerberg, the Facebook founder, who is the world's fifth-richest person.

Today Amazon's stock price opened 3% higher (as of this writing, it's up 2.3%).

With that said, Bill Gates enjoyed a long streak, staying at the top of Forbes list of billionaires.

Gates has held the distinction of the world's richest person since 2013 (Ask Alexa, Amazon's personal assistant, however, and the app will say Gates still holds the title.). Gates and his colleagues at Microsoft can tell Bezos a thing or two about how an antitrust probe or two can slow progress down and consume years and millions of dollars in resources.


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