Jeff Bezos, the chief executive and founder of Amazon, recently on Thursday, lost his title of the world’s richest man. His third-quarter earnings from his e-commerce colossus were reported to be $103.9 billion. After this, he got included in two positions among the world’s richest man. The number one position is Bill Gates, the co-founder of Microsoft, and his earnings call worth $105.7 billion. Bezos was announced as the world’s richest man in 2018. Also, he was reported as the first billionaire ever to emerge that year who had a net worth of $160 billion. He was the one who ended Bill Gates 24 year run as the top richest man.
In after-hours trading shares of Amazon fell by 7%, which knock Bezos’ fate down to $103.9 billion. But the drop in Bezos’ net worth is not entirely due to a slump in Amazon shares. Amazon’s chief executive transferred a quarter of his stake to MacKenzie Bezos, his ex-wife. This transfer was given as a part of their divorce settlement. Amazon reported on Thursday afternoon that there is a decline of 26% in the net income in the third quarter. It was their first drop in profit since 2017. The share showed a slight rise before finally floating at $1,657 per share at 7:30 p.m. ET.
Bill Gates is not a part of Microsoft since 2014, but he is still one of the board members. At present, he is the co-chairperson of the Bill & Melinda Gates Foundation, which is also the world’s most significant private charitable organization.