Amazon’s CEO, Jeff Bezos quickly overtook Bill Gates as the world’s wealthiest man on Thursday following a surge in the online retailer’s share amid its earnings report, before the stock’s value fell back again.
The e-commerce tycoon, who was the fourth wealthiest individual at the start of the year, passed Microsoft co-founder Gates earlier in the day after Amazon shares soared 1.8pc to $1,071 (£820).
However, shares later dropped back, closing down 0.7pc at $1,046, meaning the 53-year-old Bezos has not yet replaced the number one on the Forbes Billionaire’s list. Bezos is currently worth $88.5bn.
The move in share value came hours before Amazon posted quarterly income in which it said profit had fallen 77pc on a year prior. This was because of its investment in video content and worldwide development.
Gates, who is worth $89.7bn, has been the wealthiest individual on the planet since May 2013. The humanitarian tycoon has given away $31.1bn of his possessions to charitable goals. Bezos has given only $100m, as per Forbes.
Bezos has not been far behind Gates for several weeks, with total assets of $89.3bn ahead of Thursday’s surge. His wealth has expanded by an additional $24.4bn in 2017 as Amazon, in which he holds a 17pct stake, has climbed around 40pc.
Bezos has overtaken the $82.7bn Amancio Ortega, Inditex SA founder, and $74.5bn Warren Buffett of Berkshire Hathaway.
The business tycoon established Amazon in 1994 as a book shop in his Seattle garage. Amazon is currently one of the 50 greatest organizations on the planet with online shopping, original TV series and delivery.
The performance of Amazon Prime, the £79-per-year subscription service, has added to the organization’s fast development this year, as has the notoriety of the Echo speaker.
Bezos’ portfolio likewise includes the Washington Post and spaceflight organization Blue Origin. He holds a stake in Google which has been one of the first supporters of the search company, as well as Airbnb and Uber.