A Sink In Amazon Stock Knocks Jeff Bezos Fortunate Removing Him From The Title Of The World’s Richest Person

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.

Daniel Brian

I've spent eight years as a writer and an associate editor for the best in the business, including as a Brazil-based staffer for The Wall Street Journal. I'm particularly interested in companies finding unique ways to make our world more sustainable. Since 2017, I focus on business and investing in the big emerging markets exclusively for NeptunePine. My work has appeared in The Boston Globe, The Nation, Salon, and USA Today.