Amazon CEO Bezos briefly the world's richest person

28 Juillet, 2017, 06:24 | Author: Marc Bacque
  • Amazon CEO Jeff Bezos dethrones Bill Gates as world's richest person

Amazon CEO Jeff Bezos briefly became the world's richest man on Thursday in Forbes magazine's tracking of wealth, as stock in his e-commerce company hit an all-time high.

Bezos, who is also Chairman and Chief Executive of the Seattle-based company, was worth nearly $91 billion after Amazon's share price rose more than 1 per cent in morning trading in NY, the Independent reported.

Amazon CEO Jeff Bezos has become the richest person in the world, boasting a fortune of more than $90bn. That allowed him to steal the title from Microsoft Corp. founder Bill Gates by $500 million.

The Amazon boss' brief stint as the world's richest was the first time since May 2013 that Gates, 61, was not number one.

The company also recently announced plans to acquire United States grocer Whole Foods, which could help Amazon expand in that sector.

Amazon's move to buy Whole Foods has raised the spectre of antitrust issues.

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Baird Equity Research analyst Colin Sebastian said in a note Amazon's profit margin was "a bit mixed" but added, "accelerating growth in core retail and relatively steady growth in AWS underpin our positive long-term view".

Bezos owned slightly more than 80 million shares, or around 17 percent, of Amazon as of February 17, according to a Securities and Exchange Commission filing. They hit US$1083.31 at about noon on Thursday before falling almost 1 per cent for the day to US$1046.

He is also an investor in rocket company Blue Origin and owns The Washington Post newspaper.

The changes in Bezos' fortune coincided with Amazon's report of a 77 percent slide in quarterly profit because of heavy spending.

But Amazon has always been known for investing back into its businesses. For the second quarter, Amazon reported operating expenses of US$37b, a 28 per cent increase from a year earlier. On Wednesday, Amazon said it plans to hire thousands of warehouse workers on the spot at job fairs across the country.


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