Amazon’s Jeff Bezos Beats Out Bill Gates To Become World’s Richest Person

Posted by: lukwago J in Life Style July 27, 2017

Ahead of its earnings later today, Amazon stock hit an all-time high during intraday trading and with it CEO Jeff Bezos ’ estimated wealth hit $90.9 billion, Bloomberg reports.

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This number pushes the net worth of the Amazon founder past that of Microsoft founder Bill Gates, still sitting pretty with $90.7 billion, earning Bezos the title of world’s richest person.

Bezos ending the day as the world’s richest depends on Amazon (and Microsoft) stock holding steady. After the bell, Amazon will report its second-quarter earnings. Today’s jump in share price comes even as investors are expecting Amazon to announce a decline in year-over-year profits today, though the Street also expects revenues to skyrocket 22 percent to $37.2 billion.

Amazon has been riding high over the past year as its ambitions to offer an alternative to the world of brick-and-mortar retail has shifted into one that may completely upend it. In December, the company unveiled its Amazon Go concept stores, a move that made a lot more sense after it made its bid last month to acquire grocer Whole Foods for $13.7 billion.

Amazon’s market cap currently sits at $513 billion. Bezos own about 17 percent of the company. In addition to running Amazon, Bezos also owns the Washington Post and is starting a rocket company called Blue Origins.

Source: Tech crunch

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