Amazon founder and CEO Jeff Bezos was the world’s richest person for less than a day [SEE HERE], as Bill Gates reclaimed the top stop within 8 hours. This was after Amazon weak earnings pushed the company stocks lower on Thursday.
Amazon said its net income declined to $197 million in the second quarter, from $857 million the same period last year, marking a massive 77 percent decline.
Revenue rose 25 percent to $38 billion from $30.4 billion, but that was not enough for Bezos to retain his title. The e-commerce giant stock price plunged 3.2 percent to as low as $1,020 per share in after-hours trading, after they closed the day at $1,046 a share.
Bezos, who owns 17 percent of Amazon stocks, saw his net worth falling to $88.7 billion, according to Forbes’ World’s Billionaires Real Time Ranking.
Microsoft co-founder Bill Gates regained his title of world’s richest person with $89.8 billion of net worth, the ranking showed.
Amazon is still the world’s fourth biggest firm by market capitalization behind Microsoft, while Facebook is closing on the e-commerce giant.
In fact, Facebook may surpass Amazon in market value if the latter’s shares continue to decline on Friday due to weak earnings, according to analysts.
CEO of Amazon Jeff Bezos has become the richest person in the world after stocks of his company rose 1.6%. According to Forbes report on Wednesday night, Bezos was less than $1bn away from being the richest person in the world.
Bezos’ net-worth has increased by $2.5bn this week alone, stocks of his company rising 3.6%. He is now worth $90.6bn, becoming the first man ever to top a $90 billion fortune for the first time.
He is worth more than $500m ahead of no. 2 Bill Gates, who is the founder of Microsoft. Bezos quit his job at a hedge fund to start his online bookseller in a garage in Seattle in 1994.
He first featured on the 400 richest Americans list in 1998, a year after Amazon went public, with a $1.6 billion fortune.
Gates’ first inclusion in the billionaire’s list was in 1982, and has been no. 1 for 18 of the past 23 years.
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