Jeff Bezos’s net worth topped $90 billion on Thursday morning, allowing the Amazon founder and CEO to dethrone Gates, the co-founder of Microsoft, as the richest man in the world, according to Forbes.
However, it wasn’t long enough before Amazon’s stock price cooled down that afternoon and caused Jeff Bezos to slip back behind Gates, who has been No. 1 since 2013 on Forbes. Jeff Bezos finished the day worth $88.8 billion, just behind the $89.8 billion Gates.
What’s a billion dollars between the world’s richest guys anyway?
Jeff Bezos has been hailed as the smartest guy in business for turning a bookselling platform which he started in his garage into a disruptive force that has flipped traditional retail on its head and now accounts for 43% of online sales in the US.
His world’s-richest-man milestone was made possible because of Amazon surging stock price. The e-commerce juggernaut’s market value surpassed $500 billion this week for the first time ever.
The vast majority of the Jeff Bezos’s fortune is tied up in Amazon stock, of which the CEO owns nearly 17%. That stake alone is worth $83 billion, meaning Bezos could just as quickly lose his new title as the world’s richest man should Amazon’s stock decline, or Microsoft’s value rise.
In recent years, Jeff Bezos’s fortune has whizzed past that of legendary investor Warren Buffett, Spanish retail magnate Amancio Ortega and Mexican tycoon Carlos Slim. Jeff Bezos added more than $24 billion in net worth since January 2017, according to Bloomberg.
Bezos would be nowhere close to being the world’s wealthiest person if Bill Gates had not given so much of his fortune to philanthropy. Gates, who created the Giving Pledge with Buffett to encourage billionaires to give at least half of their wealth to charitable causes, had given away $31.1 billion over the course of his lifetime through end of 2016. It has been confirmed that Jeff Bezos has never being the philanthropic type among his co billionaires who plan on giving away half of their wealth to charitable cause but this June, Jeff Bezos tweeted out a request for ideas for his philanthropy, thousands of ideas were delivered to him as response. I suggest we keep a close watch over these two because they are not done yet.