Friday, July 28, 2017

E-commerce giant Amazon.com’s CEO Jeff Bezos became world’s wealthiest person on Thursday after an increase in Amazon’s share price. However, Microsoft’s founder Bill Gates re-claimed the top spot after the value of those shares fell by one percent yesterday afternoon.

According to Forbes‘s list of the world’s richest billionaires, Bezos’ net worth as of Wednesday’s stock market closing was above US$89 billion. Owner of The Washington Post, Jeff Bezos has almost seventeen percent of Amazon.com’s shares — about 80 million shares. Amazon’s stock price reached around US$1083.31, yesterday, about US$86.6 billion of which belonged to Bezos personally. Bezos acquired The Washington Post in 2013 and owns the aerospace company Blue Origin.

Almost twenty years ago, Bezos started online bookstore, which evolved into an online retail giant, gaining market share over traditional brick-and-mortar shops. Bezos’ net worth at Thursday’s opening was US$90.6 billion — almost 500 million more than Gates, Forbes reported.

A one percent fall in Amazon’s stock by the end of the day led Bezos slipping below Gates on the list by a difference of one billion dollars.

For most of the last 23 years, Bill Gates has topped the list of wealthiest individuals on Earth. Mexican entrepreneur Carlos Slim claimed the top spot between 2010 and 2012. In 2008, Warren Buffett became the richest person.

Previously, the Seattle based Amazon.com announced plans to acquire Texas-based brick and mortar grocery store chain Whole Foods for US$42 per share (about US$13.7 billion), though Amazon has its own line of online grocery store known as Amazon fresh. Apart from retail stores, Kindle book readers and ebooks, and Audible’s audio books, Amazon.com also provides subscription based on-demand video service — Prime Video, and the web hosting facility AWS.

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