Jeff Bezos, CEO of the world’s largest online retailer Amazon, has yet again overtaken Microsoft co-founder Bill Gates as the world’s richest man.
According to a report by Forbes, a 2% rise in Amazon’s stock added $900 million in Bezos’s net worth, making it whopping $90.6 billion. In comparison, Bill Gates’s net worth stands at $90.1 billion, just a little behind that of Jeff Bezos.
This isn’t the first time that Bezos has overtaken Gates as the world’s richest man. Back in July, the same thing happened when a sharp spike in Amazon’s share prices ahead of the company’s earnings report resulted in Bezos’s net worth rising to an astounding $90.9 billion. At that time, Bill Gates’s net worth was $90.7 billion.
About six months back, Bezos had become the second-richest man in the world, overtaking Amancio Ortega and Warren Buffett.
This had happened just a day after the company announced its plans to buy Souq.com, the Middle East’s largest online retailer.
Bezos has reportedly added a whopping $10.2 billion to his wealth this year and $7 billion since the global equities rally began following the election of Donald Trump as US president on November 8.
Bezos first appeared in the Forbes 400 in 1998. It was a year after Amazon went public and Bezos reported net worth then was $1.6 billion.
Amazon yesterday revealed how its sales have surged and profits exceeded expectations because of “Prime Day” promotion and the acquisition of Whole Foods Market stores. Amazon acquired Whole Foods Market in August for $13.2 billion. Amazon’s revenues rose by 34 per cent to $43.7 billion in the third quarter. Its net income, on the other hand, rose to $256 million in the quarter ending on September 30.