Economy

Amazon's Bezos Ousts Gates As World's Richest Person, Again

Amazon's Bezos Ousts Gates As World's Richest Person, Again”

Finally after topping the world's richest people list for four years, Microsoft boss Bill Gates must be willingly replaced by Amazon boss Jeff Bezos. Eastern, Amazon stock had climbed almost 2% since the market opened, adding $900 million to Bezos' net worth and putting him in the No. 1 spot with a net worth of $90.6 billion versus Gates' $90.1 billion at that time.

He began Amazon.com in a garage and reportedly held most of his early day's business meetings at the Barnes & Noble neighbourhood. Only today has Amazon stock returned close to its previous high, as the stock market responded positively to Amazon's third quarter results.

Citing Bloomberg, Bezos was recorded to have a fortune of $93.8 billion, higher by $5.1 billion from Gates'. Bezos had $83.5 billion, and his big day on Friday was more than enough to close the gap. Gates owned 103 million shares as of September, according to FactSet. Bezos first passed Microsoft cofounder Bill Gates around 10:15 a.m. Whole Foods, which Amazon acquired in August, made up $1.3 billion of total revenue for the quarter. Bezos has said he wants to give more money to charity.

Warren Buffett was third in the latest ratings, with $88 billion in assets, followed by Amancio Ortega, Spain's Zara clothing tycoon, with a $77.2 billion fortune, and Facebook's Mark Zuckerberg with $75.4 billion.



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