Amazon CEO Jeff Bezos Loses His Crown As World’s Richest Person

Amazon founder and Chief Executive Officer Jeff Bezos is no longer the world’s richest person after Inc. stock tumbled on Thursday. He has lost the title to Microsoft Corporation cofounder and fellow Washington state resident Bill Gates. His current fortune is worth USD 105.7 billion. Bezos lost the crown after shares of the biggest online retailer dropped 8.1 percent to USD 1,637 in extended trading at around 4.24 pm in New York. The new price of Amazon shares has brought the fortune of Bezos to USD 102.8 billion. Almost USD 3 billion behind Bill Gates’ fortune. Bezos became the richest person in the world in the year 2018. With a net worth of USD 160 billion, he became the first centibillionaire to ever appear on the Forbes 400 in 2018. He had ended Gates’ 24-year undisputed clout of being at number one.

Apart from not-so-encouraging quarterly earnings forecast, the other major factor behind Bezos’ losing world’s richest title is the transfer of his four percent stake for ex-wife Mackenzie Bezos. According to the Bloomberg Billionaires Index, Bezos is ranked 22nd with a net worth of USD 40.3 billion. Jeff and Mackenzie separated after 25 years of marriage and the divorce was finalised by a Seattle-area judge in July. Under the settlement, she was entitled to receive USD 38.3 billion worth of Amazon stock.

Amazon said on Thursday that it is investing heavily in delivery and logistics infrastructure with the aim of making one-day shipping the norm for its Amazon Prime members. In July, the company had announced that it spent over USD 800 in a one-day shipping infrastructure. However, the company has not disclosed the amount it spent on one-day shipping in the third quarter. But chief financial officer Brian Olsavsky has put the figure to USD 1.5 billion that it will spend one-day shipping initiative during the fourth quarter. Beating expectations of overall third-quarter revenue, Amazon posted sales up 23 percent to USD 70 billion.

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