Articles

Jeff Bezos Briefly Dethroned Bill Gates As World’s Richest

Published

9 years ago

July 28, 2017

The founder and Chief Executive Officer of Amazon, Jeff Besoz became the world’s richest person, for a brief period of time, surpassing Bill Gates, who has topped the list for the past four consecutive years. Amazon stock hit an all time high during intraday trading and this rise in Amazon’s stocks pushed Bezos’ net worth above the $ 90 billion mark.

At the close of markets on Wednesday, Bill Gates held a fortune worth $ 90 Billion while Bezos was a close second with a fortune of $ 89 billion. An increase of about $ 15 per Amazon share and a slight decrease in Microsoft’s stock gave Bezos the push needed to become the 6th man to hold the title of the world’s richest person in the past 30 years.

However, Jeff Bezos could not hold on to the title for more than a couple of hours before the Microsoft Cofounder, Bill Gates reclaimed his old spot. Amazon’s stock price dipped by 3% before the close of the bell, cementing Bezos’s position as the second richest person in the world. The ecommerce company posted $ 197 million in profits on Thursday, down from $ 857 million a year ago. The second quarter profits fell short of expectations although Amazon’s share price gained about 40% rise.

Even if it was just for a short period of time, Jeff Bezos became the first man to bump Gates from a position he has held since 2013. Bezos started his journey 30 years ago by selling books from his garage. With an initial startup capital invested by his parents, Bezos developed Amazon to become a world leader in the online retail market space and recently broke the $ 500 billion market capital mark.

“Apni Dunkan” Amazon has built an online retail empire and has also recently ventured into the groceries business with the acquisition of Whole Foods. The company has also invested around $ 500 million in India in the food processing industry to open a wholly owned subsidiary.

Watch how Amazon became the world leader in the online retail business!