“A surge in Amazon.com Inc. shares Thursday morning in advance of the online retailer’s earnings report has propelled founder Jeff Bezos past Bill Gates as the world’s richest person,” Shelly Hagan and Spencer Soper report for Bloomberg.
“Shares of the online retailer rose 1.3 percent to $1,065.92 at 10:10 a.m. in New York, giving Bezos a net worth of $90.9 billion, versus $90.7 billion for Gates,” Hagan and Soper report. “If that holds through the 4 p.m. close, Bezos, 53, will leapfrog Gates, the Microsoft Corp. co-founder, on the Bloomberg Billionaires Index. Gates, 61, has held the top spot since May 2013.”
“Meanwhile, Facebook Inc.’s intraday gains have helped pull co-founder Mark Zuckerberg, 33, within $200 million of Berkshire Hathaway Inc. Chairman Warren Buffett, 86, who’s currently ranked fourth on the Bloomberg index with a net worth of $74.5 billion,” Hagan and Soper report. “Bezos owns about 17 percent of Seattle-based Amazon, which has surged 40 percent this year through Wednesday, helping to add $24.5 billion to his net worth. He started 2017 as the world’s fourth-wealthiest person and has since surpassed Buffett and Inditex SA founder Amancio Ortega, 81, who ranks third with $82.7 billion.”
Read more in the full article here.
MacDailyNews Take: You can argue that Amazon is overvalued, but you cannot argue that Bezos is a disrupter who gets big things done.
Poor Warren, falling down the list. Before you know it, he’ll only be able to afford to buy Luxembourg.