Bezos retakes title of world's richest man

Amazon Holds News Conference

Inc shares surged today, lifting its founder's net worth by US$7.8 billion to US$91.3 billion as of 10am in NY, according to the Bloomberg Billionaires Index. Bezos owns a 17 percent stake in Amazon, in addition to his Blue Origin holdings and stake in the Washington Post.

Microsoft shares had climbed close to 7 per cent at the same time, also as a result of its third quarter earnings announced on Thursday at Wall Street's closing bell. On July 27, Amazon's share price topped $1,050 and Bezos' paper fortune soared past $90 billion. As of Friday morning, Bezos was worth US$90.6 billion to Gates' US$90.1 billion.

A few hours later, though, Bezos had slipped back to second place as Amazon shares pared their gains.

AFTER HOURS: Buffalo Wild Wings, Amgen Inc and Las Vegas Sands Corp
TRADEMARK VIOLATION WARNING: This story was originally posted by Week Herald and is the sole property of of Week Herald. The business had revenue of $496.70 million during the quarter, compared to analysts' expectations of $500.97 million.

But according to Forbes magazine, which closely follows the world's greatest personal fortunes, taking into account, among other aspects, the value of their stock market assets, Bezos surpassed Gates on Friday as the richest person in the world. Jeff Bezos is on track to become the richest person on the planet.

It became a major player in grocery retail overnight with the purchase of Whole Foods for US$13.7 billion in June. The company expects to invest some US$5 billion into its new headquarters, creating some 50,000 jobs. The company expanded its staff by 77 per cent in the past year alone, hiring some 235,000 people worldwide.

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