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Jeff Bezos Takes Richest Man Alive Title From Bill Gates

(FinancialPress) — Bill Gates is no longer the richest man alive after the market shakeup brought about by 2017‘s wave of third quarter financial reports. However, he’s still having a pretty good day.

Amazon‘s (AMZN) frontman extraordinaire, Jeff Bezos, has taken over the spot of distinction. Amazon‘s incredible earnings report, release last Thursday, had the stock surging a massive 13.5% on Friday. The report revealed over a quarter-billion dollars in profit in just three months.

According to the most recent available data from FactSet, Bezos owns close to 80 million Amazon shares (last updated in August). Thus, the stock’s surge netted him a one-day profit of $10 billion. His net worth stands now well over $90 billion.

Thursday closed with the Bloomberg Billionaires Index having Gates at the top spot with a net worth of $88 billion. At the time, Bezos stood at #2 with $83.5 billion. His big payday on Friday catapulted him to the top spot easily, and cemented his spot there.

Gates also experienced big gains on report day, as Microsoft stock rose 7%. As of September, Gates owned 103 million company shares (FactSet). A $6 rise in individual stock netted Gates an approximate additional $600 million to his bank accounts.

This is the second time Bezos dethrones Gates, as he had done so previously, although briefly, on July 27th due to a temporary surge in his company’s stock.

But Gates also got a boost as Microsoft (MSFT)stock rose 7%. Gates owned 103 million shares as of September, according to FactSet. Microsoft stock climbed about $6 a share, so Gates added almost $600 million to his personal wealth.

Amazon has had a killer year this far: it acquired renowned retail chain Whole Foods and is planning to create a second headquarters somewhere in the U.S.A. or Canada. Over 200 cities have thrown their hat into the mix to take the project home. Also, July‘s “Prime Day“ sales actually outperformed Black Friday. Total sales for the quarter outdid last years for the same period by 29% – which translates to roughly $11 billion.

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Written by Ruben Maciel

Ruben is a South American writer who focuses on the
state of the cryptocurrency, cannabis and tech industries worldwide.

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