Amazon CEO Jeff Bezos was the world's richest person

Amazon CEO Jeff Bezos

Bezos reign was short lived

Jeff Bezos, the 53-year-old king of e-commerce snatched away the position of world’s wealthiest person from 61-year-old Microsoft co-founder Bill Gates, thanks to a morning surge in Amazon stock, according to a minute-by-minute Forbes ranking.

Soon after the stock market opened, shares of Amazon, spiked by 1.8 % — pushing Jeff Bezos net worth to $90 billion, surpassing Gates $89 billion.

But Bezos position lasted only four hours, and by the 4 p.m. i.e. close of the market, his net worth had dropped to $88.7 billion, dropping him below Gates — who had topped the list since 2013 — at $89.8 billion.

As of Thursday night i.e 27 July, Spanish retailing tycoon Amancio Ortega Gaona, was ranked third at $83.5 billion, while Omaha investor Warren Buffett, was fourth at $74.4 billion.

Rounding out the top five was 33-year-old Facebook CEO Mark Zuckerberg at $70.9 billion.

Jeff Bezos currently owns about 80 million shares — 17 % — of Amazon, which he founded in 1994, selling books out of his Seattle garage.

In 2013, Bezos bought The Washington Post for $250 million and he recently said he runs it like his core holding.

“We run Amazon and The Washington Post in a very similar way in terms of the basic approach and we attempt to be customer-centric, which in the case of the Post means reader-centric.” - Jeff Bezos.

On JULY 27 2017 By Sudeep

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Hi, I am Sudeep Banerjee , PHP developer.