Business

Bill Gates Briefly Loses Title Of Richest Man Alive To Jeff Bezo

Jeff Bezo

Amazon founder and CEO, Jeff Bezo, claimed his position to become the world’s richest man after the markets opened on Thursday morning. According to Forbes, Jeff Bezo’s net worth is valued to be more than $90 billion, forcing Microsoft founder Bill Gates to cease his long-lasting title. Topping Bill Gates by over $500 million, Bezo was able to move up the rank in 2017. A mass majority of Bezo’s fortune is tied up in Amazon stock, of which the CEO owns nearly 17% of. From that, due to Amazon’s stock opening up to 1.6% on Thursday, the percentage added $1.4 billion to Bezos’ net worth and more critically, enabled Bezo to win over Gates. The event made Bezo the seventh person to hold the title of the world’s richest person and also the third American to top the global ranks.

The brief victory came to an end though, in the blame of Amazon’s market stock drop of 3%. Gates’ fortune stems from his ingenious built up with Microsoft, along with Paul Allen. Bill owns 2% of the current stake, which the company alone is worth $407 billion in market value. He remains a board member of Microsoft, the software firm in which gave him his wealth and status. In his endless philanthropy work, Bill Gates holds the world’s largest private charitable foundation, with the Bill and Melinda Gates Foundation. This argues his actual net worth. If Bill has not given such a huge percentage of his fortune away, he would be worth much more.

The electronic commerce and computing company allowed Bezo a moment of recognition, but Jeff Bezo’s reign didn’t begin with that title though. In fact, Bezo has been hailed to be the smartest guy in business for shifting traditional bookselling into a modernized platform online. In the early days of Amazon, they only sold books. “And it is very, its very, very different today.” Bezo admits in an interview with Charlie Rose. Despite his accomplishment in defeating Bill Gates momentarily, his current work is still giving a positive impact to the world.

Bezo is even contributing more by following Gates’ footsteps in giving back money as a philanthropist. Jeff Bezo currently is asking on Twitter for requests for ideas on what he can do for philanthropy. “This tweet is a request for ideas. I’m thinking about a philanthropy strategy that is the opposite of how I mostly spend my time – working on the long term. For philanthropy, I find I’m drawn to the other end of the spectrum: the right now. As one example, I’m very inspired and moved by the work done by Mary’s Place here in Seattle. I like long term – it’s a huge lever: Blue Origin, Amazon, Washington Post – all of these are contributing to society and civilization in their own ways. But I’m thinking I want much of my philanthropic activity to be helping people in the here and now – short term – at the intersection of urgent need and lasting impact. If you have ideas, just reply to this tweet with the idea (and if you think this approach is wrong, we would love to hear that too).” Jeff Bezo did not stay the richest man in the world for long, but his business ideas keep expanding and influencing.

Comments
To Top

Hey You!

Too busy to read all the time? Get ONE email each friday summarizing all the important things you need to know that week.

 

Thank you for joining us!