Business

Amazon Founder Jeff Bezos Briefly Becomes World's Richest Man, Bypassing Bill Gates

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| July 28 , 2017 , 09:50 IST

For a few lucky hours, Amazon founder and CEO Jeff Bezos became the richest person in the world, bypassing Microsoft founder Bill Gates due to the jump in share price of the US tech giant.

According to real-time tracking of personal fortunes by Forbes magazine, Bezos had a net worth of $ 90.5 billion, as compared to the $90 billion net value of Gates. As per the annual rankings released by Forbes magazine, Gates has been the richest person in the world for the past 4 years, and for 18 years over the past 22 years.

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However, a few hours later Bezos slipped back into second place as the Amazon shares pared their gains.

Bezos, who owns around 17 percent of the equity of Amazon, has been expanding its original mission as an online retailer to a diversified tech firm in cloud computing, online video, computer hardware and artificial intelligence. Amazon recently announced plans to acquire US grocer Whole Foods which would help the company expand in that sector as well.

Amazon shares were up 1.7 per cent at $1,070.72 and have risen some 24 per cent over the past four months, adding some $17 billion to the net worth of the 53-year-old Bezos. Apart from Amazon, Bezos also owns private space firm Blue Origin and the Washington Post newspaper.