Monday, December 18, 2017
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Bill Gates gets toppled off as world’s richest man

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Bill Gates gets toppled off as world’s richest man

For many years now Bill Gates has held the position as world’s richest man, however this was not the case just some few hours ago as he was toppled from the sit by the CEO of Amazon Jeff Bezos who began just over two decades ago,  selling books online from his garage.




Today, the Amazon CEO surpassedBill Gates as the richest person on Earth, for a few hours at though.Bezos’s net worth topped $90 billion on Thursday morning, allowing the Amazon founder and CEO to dethrone Gates, the co-founder ofMicrosoft(MSFT,Tech30), as the richest man in the world,according to Forbesand Bloomberg.

However, an afternoon dip in Amazon’s stock price caused Bezos to slip back behind Gates, who has been No. 1 since 2013 on theBloomberg Billionaires Index.Bezos finished the day worth $88.8 billion, just behind the $89.8 billion for Gates.What’s a billion dollars between the world’srichest guys anyway? Bezos has been hailed as the smartest guy in business for turning a bookselling platform into a disruptive force that has flipped traditional retail on its head.His world’s-richest-man milestone was made possible because ofAmazon(AMZN,Tech30)’s surging stock price.




The e-commerce juggernaut’s market valuesurpassed $500 billion this weekfor the first time ever.The vast majority of the Bezos fortune is tied up in Amazon stock, of which the CEO owns nearly 17%. That stake alone is worth $83 billion, meaning Bezos could just as quickly lose his new title as the world’s richest man should Amazon’s stock decline, or Microsoft’s value rise.In recent years, Bezos’s fortune has whizzed past that of legendary investor Warren Buffett, Spanish retail magnate Amancio Ortega and Mexican tycoon Carlos Slim. Bezos added more than $24 billion in net worth since January 2017, according to Bloomberg.Related: Jeff Bezos is the smartest guy in businessBezos founded Amazon in the mid-1990s from a garage, originally as an online bookseller. But over the years Bezos has deftly steered Amazon into hardware, cloud services, music and streaming shows. All along the way, Amazon used technology and sheer force to ruthlessly cut prices.

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Source:CNN

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