Amazon CEO Jeff Bezos dropped along with his company’s stock price, losing his title as the richest person in the world to Microsoft’s Bill Gates, according to Forbes.
The e-commerce giant’s stock fell 7%, trading at $1,695 in Friday’s pre-market, after releasing its third-quarter earnings report Thursday, dragging Bezos’s net worth to $102.8 billion. With a net worth of $107 billion, Gates climbed back to the spot he lost in October 2017, Bloomberg says.
The Seattle-based company reported that it had increased in sales but made fewer profits than expected. The profit tumble is due to Amazon’s $800 million investment in same-day delivery, announced in April, Bezos said Thursday.
The Amazon CEO’s divorce from MacKenzie Bezos also has a lot do with the defeat. After splitting in January, she received a quarter of the couple’s Amazon’s holdings in July.
Back in July, Gates dropped to No. 3 on the world’s richest list. The main reason for his downward shift: charitable donations. Gates, who in 2014 stepped down as Microsoft chairman but became a technology advisor for the tech giant, has given away the majority of his Microsoft stake over time.
Bernard Arnault, who owns Louis Vitton and Fendi, Berkshire Hathaway CEO Warren Buffet, and Facebook’s Mark Zuckerberg hold the third, fourth and fifth positions as the world’s richest, respectively, according to Bloomberg.
Source: USA Today
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