Jeff Bezos Just Became The World’s Richest Person, But Only For Like A Few Hours
Jeff Bezos,
CEO of Amazon, the world's largest and most significant online
retailer, managed to beat Microsoft founder Bill Gates as the richest
person in the world. But only for several hours.
Jeff Bezos Wins And Loses 'World's Richest Person' Title In A Span Of Hours
An uptick in Amazon shares on Thursday morning, July 27, in
advance of Amazon's earnings report briefly catapulted Bezos past
Gates, making him $1.5 billion overnight. After its shares climbed as
high as $1,083.31, which gave Bezos $92.3 billion in net worth, shares
fell 0.7 percent to $1,046 four hours later.
Now, Bezos has climbed back down to the second spot, behind Bill Gates again, according to Forbes' billionaires list. That list often fluctuates,
presumably because some of the people at the top have net worths not
that far apart. For instance, Gates now has $89.8 billion, while Bezos
hovers extremely close with $88.7 billion. The next guy on the list,
Spanish business tycoon Amancio Ortega, has $83.5 billion.
Though Bezos comes close, Gates's could actually have far,
far more riches if it weren't for his philanthropic endeavors, Forbes notes.
He has given away $31.1 billion of his wealth over the course of his
lifetime up to the end of 2016; who knows how much that number has
increased now that we've come midway through 2017?
Amazon: A Success Story
The wealth of Bezos, meanwhile, mostly comes from the
notable success of Amazon, which has grown to become not only a massive
online retailer, but also a smart device company; a crucial investor of
space exploration with Blue Origin; and even a content creator, thanks to its Amazon Video platform that hosts original shows and films.
Amazon's humble beginnings started with book sales, then it
expanded to CDs, toys, electronics, and now probably anything money can
buy, you can buy from Amazon — and have it delivered quick.
Amazon nearly made $136 billion in revenue last year, with
the company now valued at $500 billion — an unimaginable feat of growth
from what started as a book retailer. It also helps that unlike other
companies with steep valuations, Amazon has stood the test of time
because it has crossed "fad" territory and became a category unto itself
— simply put, Amazon has defined "online shopping" for years now, and
it likely won't stop defining and redefining it anytime soon.
For now, however, Bezos needs to sit behind Gates, still —
but as the then-Microsoft-now-turned-philanthropic-firebrand pours more
money into charity, Bezos certainly stands a chance at the top seat,
though if he even wants the coveted chair remains a question.
Source: Tech Times
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