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Jeff Bezos Becomes World’s Richest Person, Surpassing Bill Gates

Jeff Bezos Becomes World’s Richest Person, Surpassing Bill Gates

Postby smix » Thu Jul 27, 2017 5:01 pm

Jeff Bezos Becomes World’s Richest Person, Surpassing Bill Gates
The New York Times

URL: https://www.nytimes.com/2017/07/27/busi ... t-man.html
Category: Business
Published: July 27, 2017

Description: SEATTLE — Jeff Bezos on Thursday took something away from a billionaire neighbor in the Seattle area, Bill Gates — the mantle of world’s richest person. A 1 percent pop in the shares of Amazon.com — the internet company Mr. Bezos founded, which accounts for the vast majority of his wealth — was enough to bump him over the wealth of Mr. Gates, the philanthropist and Microsoft co-founder, according to a real-time list of billionaires by Forbes.com, which has tallied the fortunes of the uber-rich for decades. Forbes now estimates the wealth of Mr. Bezos, currently Amazon’s chief executive, at about $90.6 billion, compared with $90 billion for Mr. Gates. Mr. Bezos has added tens of billions of dollars in wealth — at least on paper — over the last year as Amazon shares surged more than 40 percent during that time period. They traded at about $1,063 on Thursday, ahead of the release of the company’s latest earnings report. According to a filing with securities regulators in April, Mr. Bezos holds nearly 81 million shares of Amazon — almost 17 percent of the company. Forbes also estimates the value of his other investments — including his ownership of The Washington Post and the rocket company Blue Origin — and cash from the sale of securities as part of its wealth calculations. Mr. Bezos has said he sells about $1 billion a year worth of Amazon stock to finance Blue Origin. Mr. Gates has been at the top of the Forbes list of billionaires for 18 out of the last 23 years. Most of Mr. Gates’s wealth originates from Microsoft, which has seen its stock rise to new highs lately. A Microsoft filing from last October said he held nearly 191 million shares of Microsoft — about 2.46 percent of its stock — which are currently worth about $14.1 billion. But Mr. Gates has spent years diversifying his investments. Kerry Dolan, an assistant managing editor for Forbes, said the publication also considers extensive assets Mr. Gates holds through his Cascade Investments, which has stakes in private equity, real estate and public companies. Forbes does not include his more than $31 billion in contributions to the Bill & Melinda Gates Foundation in its wealth calculations. Drew Herdener, a spokesman for Amazon, declined to comment on Mr. Bezos’s move to the top of the Forbes list. Naomi Zeitlin, a spokeswoman for Mr. Gates, declined to comment.
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Jeff Bezos Passes Bill Gates to Become the World’s Richest Person

Postby smix » Sat Oct 28, 2017 2:13 pm

Jeff Bezos Passes Bill Gates to Become the World’s Richest Person
Bloomberg News

URL: https://www.bloomberg.com/news/articles ... azon-soars
Category: Lifestyle
Published: October 27, 2017

Description: A post-earnings surge in Amazon.com Inc. shares Friday pushed Jeff Bezos to the top of the Bloomberg Billionaires Index for the first time, vaulting him ahead of Bill Gates who had held the top spot as the richest person on Earth for more than four years. The founder and chief executive officer of the retail juggernaut added $10.4 billion to his net worth as Amazon shares rose 13 percent, the most in 2 1/2 years, a day after the company reported quarterly sales and profit that surpassed analysts’ estimates. His wealth briefly eclipsed that of Gates, the Microsoft Corp. co-founder, on an intraday basis on July 27, but Amazon shares ended that day lower, leaving Bezos at No. 2. At the close of U.S. markets Friday, Bezos had a net worth of $93.8 billion, $5.1 billion ahead of Gates on the Bloomberg index, a daily ranking of the world’s 500 richest people. Gates, 61, had been the world’s richest person since 2013. Bezos, 53, has added $28.5 billion to his fortune this year. Gates’s net worth has climbed by $6.3 billion since year-end, even after he donated $4.6 billion of Microsoft stock to the Bill & Melinda Gates Foundation in August.
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