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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.

Go deeper

Inequality Index signals October jobs growth for lower-income Americans

Data: Morning Consult/Axios Inequality Index; Chart: Axios Visuals

Polling for the Morning Consult/Axios Inequality Index suggests that as the Delta variant ebbed over the last month, job security improved for lower-income Americans.

The big picture: As a result of the improving environment, the Inequality Index this month declined to its lowest point since April — reversing a significant spike in September.

White House unveils landmark reports on climate links to security, migration

Photo Illustration: Shoshana Gordon/Axios. Photo: John Moore/Getty Images

The Biden administration on Thursday released a sweeping set of assessments on climate change's threat to national security and its role in fueling migration.

Why it matters: One of the key products, a formal National Intelligence Estimate on climate change, marks the first time all 18 elements of the U.S. intelligence community have released a consensus report on the topic.

Scoop: Garland defends DOJ's handling of Jan. 6 probe

Attorney General Merrick Garland. Photo: Kevin Dietsch/Getty Images

Attorney General Merrick Garland will tell the House Judiciary Committee on Thursday that federal prosecutors "are doing exactly what they are expected to do" in seeking accountability for the "intolerable assault" on the Capitol on Jan. 6, Axios has learned.

Why it matters: Allies of former President Trump, including Republican congressmen, have criticized the department's treatment rioters charged with crimes, and sought to recast the insurrection as a righteous protest. Garland's testimony with be his first appearance before the panel.