Jeff Bezos Becomes World's Richest Person For Second Time, Beats Bill Gates
29 October, 2017, 02:23
The stock climbed 10 per cent to US$1,070.59, after the retailer reported results that beat Wall Street estimates. With the commercial windfall due to the festive season, Amazon's share value rocketed by 13% and consequently, the largest stakeholder in the company, Bezos, saw a 12.4% increase in his wealth.
According to the Bloomberg Billionaires Index, Bezos ended the day $5.1 billion richer than Gates. Gates still sits atop that list as of early Friday, with a total of $88 billion.
At early trading time on Friday, Amazon stocks had risen by almost 2 percent, adding $900m to the Amazon CEO's net worth and him the world's richest man with a net worth of $90.6bn versus Gates' $90.1bn at that time.
Gates has given away nearly 700 million Microsoft shares and US$2.9 billion of cash and other assets since 1996, according to an analysis of his publicly disclosed giving. The booming stock performance followed a strong third-quarter earnings report that exceeded analyst expectations for the company, Bloomberg noted. If the share gains hold through today's close, Bezos will top the index for the first time.
This is not the first time that Bezos has outpaced Gates - it previously happened on 27 July when Amazon shares hit a historic high, though Gates took back the lead hours later.
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