Amazon founder Jeff Bezos overtook Bill Gates as the richest person in the world last night … for a few hours

Jeff Bezos

It’s been an eventful 24 hours for Amazon, with its founder and chief executive Jeff Bezos temporarily snatching the “richest person in the world” crown from Microsoft c0-foundere Bill Gates, before a drop in the retail monolith’s share price pushed him back into second place.

Amazon stock surged overnight in anticipation of its second quarter earnings, climbing to $US1,083 a share and placing the net worth of Bezos, who owns a 17% stake in the company, to $US92.3 billion ($115.8 billion), reports Bloomberg.

The stock movement elevated Bezos ahead of Microsoft founder Bill Gates, who has a net worth of around $US90.8 billion.

The switch, however, was short lived: Amazon stock fell 0.7% by the end of Wednesday, to $US1,046.

The highly anticipated second-quarter earnings report also pushed Amazon lower, with earning-per-share coming in at 40c for the quarter, missing analyst expectations of $1.42 per share, reports CNBC

Amazon Web Services was a bright spot in the results, with 42% year-on-year revenue growth.

Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on TwitterFacebookLinkedIn and Instagram.

COMMENTS

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments