Jul 27, 2017

Jeff Bezos passes Bill Gates as world's richest man

Ted S. Warren/AP

Amazon CEO Jeff Bezos is now the world's richest man, Bloomberg reports. Overnight, Amazon shares increased 1.8%, while Microsoft dipped slightly. This would make Bezos the first to bump Gates from the top spot on Bloomberg's rankings, which he has held since 2013.

  • Bezos owns 79.9 million shares in the company, bringing his ownership to just around 17%. Amazon's quarterly revenue is expected to jump 22% from last year, nearing $37.2 billion, according to Bloomberg. Bezos' net worth has climbed by $24.5 billion in 2017.
  • The new top 5: Bezos, Gates, Amancio Ortega, Warren Buffett and Mark Zuckerberg.
  • Why it matters: This is another significant marker of Amazon's prominence and value as it continues to tap into a variety of markets and threaten smaller companies and chains.
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