The inevitable has finally happened. Bill Gates’ throne as the richest person on the earth has been snatched away by Jeff Bezos. Ahead of its earnings report for Q2, Amazon’s share hit an all-time high price of $1,065.92, a rise of roughly 1.3 percent. The surge propelled the CEO to a whopping total of $90.9 billion which is just a bit larger than Gates’ $90.7 billion.
However, Amazon and Microsoft’s stock numbers need to hold through the 4 p.m. close in order for the positions to stay put. The Microsoft founder has held the spot for the past four years, since May 2013. Bezos’ worth has been exponentially escalating for the past few quarters as the company continues to expand into various new categories and fields. Furthermore, Amazon is expected to report a quarterly revenue of $37.2 billion soaring by 22 percent since last year.
Jeff Bezos owns 17 percent of the Seattle-based Amazon whose profits have increased by 40 percent this year. This, as a result, added $24.5 billion to his net worth. Bezos entered 2017 as the fourth wealthiest person. The third and fourth positions are currently acquired by Inditex SA founder Amancio Ortega with $82.7 billion and Warren Buffet with a net worth of $74.5 billion.
Amazon has been aggressively pushing into a range of other sectors and also, acquired Whole Foods recently to create a prominent offline presence as well. Moreover, its cloud services – AWS – still leads the charts. However, Microsoft, after Satya Nadella’s takeover, has been closing in. They have been gradually rising in counters other than the US as well and a couple of days back, brought the Prime Now service in Asia starting with Singapore.
Although it’s worth noting that Bill Gates has given much of his fortune ($31.1 billion over the course of his lifetime) to charities and a range of other causes across the globe. In addition to that, he is a part of the “Giving Pledge” community which requires billionaires to submit at least half of their wealth to charitable organizations. Bezos, on the other hand, is not a part of the “Giving Pledge” and has donated approximately $100 million only through the end of 2015.