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Microsoft’s Bill Gates loses his position as richest man in the world

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Microsoft’s Bill Gates loses his position as richest man in the world

 

The international magazine, Forbes, issued the list of richest men in the world. Amazon CEO Jeff Bezos has overtaken Microsoft CEO Bill Gates and is now the richest man in the world, with a fortune net worth of over $ 90.6 billion.

 

The Forbes magazine started making list of billionaires around the globe in 1987 when Bezos hold the seventh position of the richest man in the world and third position in USA besides Bill Gates and Berkshire Hathaway CEO Warren Buffett.

 

According to Forbes and Bloomberg, the Amazon CEO had a net worth of over $ 89 billion at the time of closing of markets on Wednesday, while Microsoft Co-founder Bill Gates had a net worth of just over $ 90 billion and it has also been forecasted that Jeff Bezos will hold the crown permanently in the future.

Amazon shares have been trading at a record high. They hit $ 1080.31 at noon on Thursday. According to securities fillings, Bezos owns about 80 million shares which are 17% shares of the company and valued at more than $ 87 million at the peak. Bezos also owns The Washington Post through a holding company and announced the plan to acquire US grocer Whole Foods which could help expanding his E- Commerce business.

 

Jeff Bezos’s rise carries significant symbolic weight amid trailing Amazon’s unbridled power and its value, presenting a new face of outsized wealth to the world and heralding a new kind of billionaire who is skeptical of philanthropy and has massive reach in culture, technology and media.