Amazon CEO Jeff Bezos dropped out of first place on Forbes list of the world’s richest people.
Amazon CEO Jeff Bezos lost – and regained – his position as the richest person in the world this week as dips in his company’s stock price caused him to vacate his title to Microsoft’s Bill Gates, for one day, according to Forbes.
Amazon shares closed down 1% Friday, which helped Bezos to regain the No. 1 spot on Forbes billionaire’s list at $109.9 billion. Gates was back at No. 2 with $105.8 billion.
They had swapped places Thursday after the e-commerce giant’s stock fell 7% after the market closed and was trading at $1,695 in Friday’s pre-market. Amazon released its third-quarter earnings report Thursday, which dragged Bezos’s net worth to $102.8 billion. With a net worth of $107 billion, Gates climbed back to the spot he lost in October 2017, Bloomberg said.
Volatility at the top could continue as Amazon continues to make investments, including the $800 million the company has devoted to same-day delivery, Bezos said Thursday. The Seattle-based company reported that it had increased in sales but made less profits than expected, in part because of expenditures.
The Amazon CEO’s divorce from MacKenzie Bezos also has a lot do with his position on the list. After splitting in January, she received a quarter of the couple’s Amazon’s holdings in July. She is No. 26 on Forbes list at $34.7 billion.
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Back in July, Gates dropped to No. 3 on the world’s richest list. A main reason for his downward shift: charitable donations. Gates, who in 2014 stepped down as Microsoft chairman but became a technology advisor for the tech giant, has given away the majority of his Microsoft stake over time.
Bernard Arnault, who owns Louis Vitton and Fendi, Berkshire Hathaway CEO Warren Buffet, and Facebook’s Mark Zuckerberg hold the third, fourth and fifth positions as the world’s richest, respectively, according to Bloomberg.
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