Bill Gates Is The Richest Man On The Earth Again, After Losing Spot For 10 Hours

Amazon CEO Jeff Bezos briefly became the world’s richest man on Thursday, Microsoft founder Bill Gates reclaimed the lead by afternoon as Amazon shares pared their gains.

Bill Gates Is The Richest Man On The Earth Again, After Losing Spot For 10 Hours

NEW YORK: Amazon CEO Jeff Bezos briefly became the world’s richest man Thursday in Forbes magazine’s tracking of wealth, as stock in his e-commerce company hit an all-time high.

Microsoft founder Bill Gates reclaimed the lead by afternoon, as Amazon’s stock fell nearly 1 per cent for the day to $1,046.

Amazon shares have been trading at a record high. They hit $1,083.31 at about noon Thursday. According to securities filings, Bezos owns about 80 million shares, or 17 percent; those shares were valued at more than $87 billion at the peak. Bezos also owns The Washington Post through a holding company.

Forbes said Bezos’ net worth was about $90.6 billion when the market opened Thursday. Gates had $90.1 billion. Forbes said Gates would have been the undisputed leader had he not given billions of dollars away to various philanthropic causes. Bezos issued a request for philanthropic ideas in a tweet in June, just before Amazon announced a $13.7 billion deal for organic grocer Whole Foods.

The changes in Bezos’ fortune coincided with Amazon’s report of a 77 percent decline in quarterly profit on heavy spending. Shares fell another 2 percent in after-markets trading as the company missed Wall Street’s expectations on profit.

Amazon said it earned $197 million, or 40 cents per share, in the second quarter, down from $857 million, or $1.78 per share, a year ago. Analysts surveyed by Zacks investment Research were expecting earnings of $1.40 per share on revenue.

Revenue grew 25 percent to $38 billion, compared with $30 billion a year ago. That topped expectations of $37.2 billion.