Jeff Bezos, the founder of Amazon, temporarily overtook Bill Gates as the World’s richest person, thanks to a surge in Amazon share price ahead of it earning report.
Bezos started the year as the fourth richest but have seen his net worth increase by a whopping $24.5b in 2017 alone. His 17% stake in Amazon that has seen its share price almost double helped Bezos valuation surpass Bill Gate for less than 24 hours, and comfortably outstripped Amancio Ortega and Warren Buffett, the founders of Inditex, the biggest fashion group in the world and Berkshire Hathaway, an investment company respectively.
When markets opened on Thursday, Bezos had a net worth of $90.6 billion, putting him $500 million ahead of Microsoft founder 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. Reports Kate Vinton of Forbes
The Amazon Magnate, 53, increase his net worth by a staggering $1.4b in a day, giving him a $500m advantage over Bill gate, however, as the share price of Amazon dipped by 2%, Jeff Bezos is now back at number 2 richest person.
Gates, who is worth $90.1 billion, has been the wealthiest person in the world since May 2013. The philanthropic billionaire has given away $31.1 billion of his wealth to charitable causes. Bezos has donated just $100 million, according to Forbes.
In the coming months, it is likely that Jeff Bezos will claim the spot long term, the market report of Amazon, if it meets the expectations of investors, Amazon share price may tear new territories, further cementing his place at the top.
Jeff Bezos continues to break new ground beyond Amazon, as he has now bought Washington Post, a U.S Media giant as well as founding another startup, Blue Origin, a human spaceflight company while Bill gate is slowing down business wise, concentrating his effort on charitable endeavours!
The story of Amazon, the company, is the dream of any tech entrepreneur! Founded in 1994 as a book store in Seattle, New York, He left his well-paying job at a New York City hedge fund after learning about the rapid growth in Internet use, today, Amazon is one of the top 50 biggest companies in the world with a portfolio that includes online shopping, original television series and on-demand delivery.