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Amazon founder Jeff Bezos back to being richest man a day after losing spot to Bill Gates

Amazon founder Jeff Bezos back to being richest man a day after losing spot to Bill Gates

Bill Gates is now the second-richest man in the world with $105.8 billion net worth.

Jeff Bezos becomes richest man again Jeff Bezos becomes richest man again

Amazon founder and CEO Jeff Bezos who lost the spot as the world's richest man a day ago to Microsoft co-founder Bill Gates is back to being Number 1 on the list. Bezos lost the top spot after Amazon's lacklustre Q3 results.

Bezos lost nearly $7 billion in stock value following the results. The company's shares fell 7 per cent in after-hours trading on Thursday. Bezos' net worth then dropped to $103.9 billion.

While Amazon's shares fell on Friday too, the drop was not as steep in the after-hours trading. According to Forbes, Amazon shares fell 1 per cent to $1,760.78 on Friday, putting Bezos' net worth at $109.9 billion.

Bill Gates is now the second-richest man in the world with $105.8 billion net worth.

Bezos had ended Gates' 24-year-reign as the world's richest man in 2018 when his net worth surged to $160 billion. Earlier in July, Gates was pushed to the Number 3 rank by Bernard Arnault, Chairman of LVMH Moet Hennessy Louis Vuitton SE, aka LVMH, as per the Bloomberg Billionaires Index.

Amazon said on Thursday the revenue growth for the company's lucrative cloud computing business also slowed down in the third quarter, missing analysts' estimates. The company, however, beat expectations on overall third-quarter revenue, posting sales up 24% to $70 billion.

Amazon also said it expected holiday-quarter operating income to be between $1.2 billion and $2.9 billion, while analysts were expecting $4.19 billion, according to research firm FactSet.

Also read: Amazon founder Jeff Bezos no longer the world's richest man; Bill Gates back at number 1

Also read: Louis Vuitton's Bernard Arnault joins Jeff Bezos, Bill Gates in $100 billion club

Published on: Oct 26, 2019, 1:43 PM IST
Posted by: anwesha madhukalya, Oct 26, 2019, 1:43 PM IST