Amazon founder becomes world’s richest person for less than a day

Microsoft founder Bill Gates has just been unseated by Amazon founder Jeff Bezos as Forbes magazine’s world’s richest person.

But not for too long as the 53-year-old businessman’s stint as the wealthiest individual on Earth ended as Amazon’s stock goes down by 2 percent in after-hours trading due to earnings miss. Less than 24 hours after he became world’s richest person, Bezos was back at second place, while Gates hold onto the title.

Amazon founder Jeff Bezos
Earlier, Bezos, with a net worth of $90.5 billion, has overtaken Gates in the magazine’s real time tracking of personal fortunes. The increase in the share price of the US tech giant allowed Bezos to top the magazine’s annual rankings.

Amazon shares have increased up to 1.7% at $1070.72 and were up by about 24% for the past four months. As a result, a total of $17 billion was added to Bezos’ net worth.

Currently, Bezos owns 17 percent of the equity of Amazon. Through the years, the online retailer giant transformed into a diversified tech firm in artificial intelligence, computing hardware, online video, as well as cloud computing. Amazon has recently revealed its plans to acquire US grocer Whole Foods.

Aside from Amazon, Bezos also owns a private space firm called Blue Origin and the Washington Post newspaper.

Although Bezos didn’t last the day as the wealthiest man, he is expected to take the title from Gates more permanently in the next days or weeks. In that case, Bezos will become the first man to knock Gates from his perch in seven years and the sixth man to hold the “richest person” title in the past 30 years.

For the past four years, Gates has consistently been named the richest person by Forbes’ magazine. The billionaire-philanthropist also secured the top spot 18 times for the past 22 years. It was Mexican telecom magnate Carlos Slim who snatched the title from Gates from 2010 to 2013.

-- Mini, The Summit Express

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