Amazon CEO Jeff Bezos becomes world’s richest person


New York–Jeff Bezos has again reached the top spot on the list of the world’s richest individuals, after Amazon investors pushed the stock up more than 11% on Thursday’s strong third-quarter income report. Bezos who is the Amazon’s founder and CEO, had a net worth as of Friday morning of $91.6 billion, according to Forbes’ real-time ranking of the world’s billionaires. At the same time Microsoft co-founder Bill Gates, whose net property stands at roughly $90 billion. Bezos’ fortune increased nearly $9 billion overnight, as Amazon stock was up more than 11% in Friday trading.

On July 27, Bezos had stood the world’s richest individual for a few hours morning, but Amazon shares reduced in afternoon trading, placing Bezos back at No. 2 behind Gates. For Q3, Amazon posted sales of $43.7 billion, up 34% year-over-year, with net income of $256 million (52 cents per share). That was a strong beat of Wall Street analyst forecasts of $41.6 billion in income and earnings per share of 7 cents.

Amazon has tremendous power in the e-commerce sector: It’s projected to account for 44% of every e-commerce dollar spent in the U.S., up from 38% last year, according to a recent estimate by research firm eMarketer. Amazon has bulldozed into the grocery space, closing its $13.7 billion acquisition of Whole Foods Market on Aug. 28. In the most recent quarter, Whole Foods contributed $1.3 billion in revenue to Amazon’s top line. In addition, Amazon is expected to hit $1.65 billion in U.S. ad revenue in 2017, according to eMarketer’s latest forecast, which would make it the fifth-largest digital-ad platform revenue in the States.

Bezos, 53, founded as an online bookstore some 23 years ago. In 2013, Bezos bought the Washington Post in a $250 million deal. He’s also the founder of space-aeronautics company Blue Origin and has invested in more than three dozen companies through Bezos Expeditions, reports.

Published on: October 28, 2017 3:58 pm

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