Amazon Unveils Its First Smartphone

Jeff Bezos Passes Bill Gates to become the richest man in the world

Jeff Bezos is now the richest man in the world with $90 billion.

Jeff Bezos became the richest man in the world Friday morning, the gain in Amazon stock’ price added nearly $7 billion to his wealth overnight. This isn’t the first time Bezos has passed Bill Gates, who formerly held the No. 1 spot.

With Amazon’s share price surging Friday morning after its earnings report, Bezos’s wealth shot up to more than $90 billion, according to calculations by CNBC and data from the Bloomberg Billionaires Index. That put Bezos past Bill Gates to become the richest man in the world.

Gates also added to his fortune Friday morning with the rise in Microsoft stock after its earnings. But his gain of around $550 million put his fortune at $88.5 billion not enough to stay ahead of Bezos. It will be a horse race throughout the day, however, if Microsoft goes up more, or if Amazon slips after the stock starts trading, Bezos could fall back to No. 2.

This isn’t Bezos’ first time as numero uno. He became the richest man for the first time in July – but his reign only lasted a day. On July 27, Amazon’s share price topped $1,050 and Bezos’ paper fortune soared past $90 billion.

But after Amazon’s share price slipped, Bezos fell back to second place behind Gates.  At some point, given Amazon’s dominance in so many markets, Bezos is likely to pull further ahead in the race for the richest man. For now, however, the battle is between Microsoft and Amazon.

Just after the market’s open, Amazon shares were trading up nearly 10 percent at around $1,067, while Microsoft’s stock gained 9 percent to trade just under $86. Amazon’s chief Jeff Bezos briefly topped Forbes’ ranks of the world’s richest in July 2017, as his online retailer’s stock surged.

Jeff Bezos owns nearly 17% of Amazon, which he founded in a garage in Seattle in 1994. He attended Princeton and worked at a hedge fund before quitting to sell books online. His other passion is space travel: His aerospace company, Blue Origin, is developing a reusable rocket that Bezos says will carry passengers. Bezos purchased The Washington Post in 2013 for $250 million.

Congrats to him and hope he stays on top for a while.

Short URL:Gossipy Generating...

There are no comments

Add yours