Amazon CEO Jeff Bezos loses the world’s richest man title to Bill Gates

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Amazon founder and CEO Jeff Bezos has lost the title as the world’s richest man. The e-commerce giant’s lacklustre Q3 results resulted in Bezos losing nearly $7 billion in stock value. This has paved the way for tenacious Bill Gates to grab the top spot once again. Amazon shares fell 7 percent in after-hours trading on Thursday, leaving Bezos down to $103.9 billion. Microsoft co-founder Bill Gates is currently worth $105.7 billion. Bezos ended Gates’ 24-year run as the richest man in 2018 and became the first man on earth with a net worth of $160 billion.

Amazon reported a 26 percent drop in net income in its third quarter, its first profit decline since 2017, reports Forbes. In after-hours trading, Amazon dropped nearly 9 percent to $1,624 per share. Despite decline in net income, Amazon Web Services revenue of $9 billion was up from $6.3 billion previous year. Gates debuted on Forbes’ first ever billionaire list in 1987 with a net worth of $1.25 billion. Bezos first joined The Forbes 400 list of richest Americans in 1998, one year after Amazon went public, with a net worth of $1.6 billion, the report added.

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In April, the Bezos couple finalized their divorce in what was reported as the biggest divorce settlement in history. This entitled MacKenzie Bezos to Jeff Bezos’ stocks worth around $36 billion. At the time of writing, Bezos seems to reclaimed the numero uno position on Forbes Billionaires list with net worth of $111 billion. To recall, Bezos founded Amazon out of his garage in Seattle in 1994.

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He remains CEO and now owns nearly 12 percent stake in the company. In addition to Amazon, Bezos also owns The Washington Post and Blue Origin. In the past few years, he has sold his stake in the e-commerce company to invest in his aerospace company. Blue Origin is developing a rocket for commercial use and plans to take humans to space one day.

(Written with IANS inputs)



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