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More Info: Jeff Bezos briefly dethrones Bill Gates as world's Richest Person

A surge in Amazon.com shares Thursday morning in advance of the online retailer's earnings report briefly propelled founder Jeff Bezos past Bill Gates as the world's richest person.

Bezos's net worth topped $90 billion on Thursday morning, allowing the Amazon founder and CEO to dethrone Gates, the co-founder of Microsoft (MSFT, Tech30), as the richest man in the world, according to Forbes and Bloomberg.

However, an afternoon dip in Amazon's stock price caused Bezos to slip back behind Gates, who has been No. 1 since 2013 on the Bloomberg Billionaires Index. What's a couple hundred million dollars anyway?

Bezos has been hailed as the smartest guy in business for turning a bookselling platform into a disruptive force that has flipped traditional retail on its head.

His world's-richest-man milestone was made possible because of Amazon (AMZN, Tech30)'s surging stock price. The e-commerce juggernaut's market value surpassed $500 billion this week for the first time ever.

The vast majority of the Bezos fortune is tied up in Amazon stock, of which the CEO owns nearly 17%. That stake alone is worth $83 billion, meaning Bezos could just as quickly lose his new title as the world's richest man should Amazon's stock decline, or Microsoft's value rise.

Jeff Bezos briefly dethrones Bill Gates as world's Richest Person

More Info: Jeff Bezos briefly dethrones Bill Gates as world's Richest Person
Source image: http://money.cnn.com
In recent years, Bezos's fortune has whizzed past that of legendary investor Warren Buffett, Spanish retail magnate Amancio Ortega and Mexican tycoon Carlos Slim. Bezos added more than $24 billion in net worth since January 2017, according to Bloomberg.
Amazon is expected to post quarterly revenue of $37.2 billion, a 22 percent jump from a year earlier, according to the average estimate of 34 analysts surveyed by Bloomberg, and earnings per share of $1.42.
Bezos, 53, owns about 17 percent of Seattle-based Amazon, which has surged 40 percent this year through Wednesday, helping to add $24.5 billion to his net worth. He started 2017 as the world's fourth-wealthiest person and has since surpassed Warren Buffett and Inditex founder Amancio Ortega, 81, who ranks third with $82.7 billion.

Source:
http://money.cnn.com/2017/07/27/technology/jeff-bezos-richest-man-amazon-gates/index.html
http://www.chicagotribune.com/business/ct-jeff-bezos-worlds-richest-man-20170727-story.html
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